BankDhofar Q1 profits plunge 68.5%
Oman’s BankDhofar has said its net profit for the first quarter ended March 31, 2014, fell 68.5% to OR10.2m, compared with OR32.4m for the same quarter last year, Muscat Daily has reported. The bank’s net profit in the first quarter of 2013 benefitted from a legal write-back of OR26.1m. Net profit in the first quarter of last year, excluding the recovery, stood at OR9.44m. Excluding the one-off gain, BankDhofar’s first quarter 2014 net profit increased by 8.18%. Net loans and advances rose 17.35% in the first quarter this year to slightly over OR2bn, compared with OR1.71bn at the end of the same quarter of the previous year, while deposits from customers jumped 21.75% to OR2.18bn, compared with OR1.79bn a year earlier.