(MENAFN- Muscat Daily) Muscat- Bank Sohar reported a 31.24 per cent growth in net profit for the six months period ended June 30, 2017. The bank's net profit grew to RO11.56mn for the first half of 2017 compared with RO8.81mn reported for the same period of the previous year.
Net loans and advances rose 11.53 per cent to RO1.99bn from RO1.78bn a year ago, according to Bank Sohar's filing with the Muscat Securities Market on Wednesday.
The bank achieved 11.1 per cent growth in customers deposits at RO1.66bn as of June 30, 2017 against RO1.49bn a year ago. Its operating income decreased by 1.33 per cent to RO35.57mn while operating expenses rose by 3.58 per cent to RO17.36mn.
EFG-Hermes in a note said Bank Sohar's net profit for the second quarter of 2017 came at RO5.6mn, beating its estimates of RO5.1mn by nine per cent. It said the strong revenue and loan growths have offset bank's high provisioning costs.
'Bank Sohar's second quarter results were a mixed bag. Revenue growth rebounded strongly in the second quarter from a decline in the first quarter. Revenues were likely driven by non-interest income during last quarter on the back of a normalisation in trading and investment income following a loss in the first quarter', EFG-Hermes said.
Bank Sohar's total assets rose by 13.75 per cent to reach at RO2.67bn as of June 30, 2017
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