BankDhofar announced that its net profit for the first quarter of 2020 dropped by 30.2 per cent to RO8.795mn compared to RO12.607mn reported for the same period of last year.
As per the bank’s initial unaudited financial results disclosed to the Muscat Securities Market, BankDhofar’s operating income fell 9.47 per cent to RO31.067mn in the three months period ended March 31, 2020 against RO34.315mn in the corresponding period of 2019.
Operating expenses, on the other hand, increased 9 per cent to RO18.564mn in the last quarter compared to RO17.031mn in the same period of last year.
The bank’s loan book grew 2.66 per cent as net loans and advances to customer increased to RO3.192bn as of March 31, 2020 from RO3.11bn a year ago. Customer deposits grew 2.56 per cent to RO3.096bn as of the end of first quarter this year from RO3.018bn a year ago.
BankDhofar’s total assets slightly decreased by 0.9 per cent at RO4.355bn as of March 31, 2020 from RO4.395bn a year ago.