Bank Sohar posts its first profits
Muscat, July 27, 2009
Oman's Bank Sohar registered its first net profit of 2.447 million rials ($6.36 million) in the second quarter of 2009, up from a loss of 776,000 rials a year earlier, the bank said in a statement.
The bank made a net profit of 1.671 million rials in the first six months of this year from a loss of 981,000 million rials.
The maiden profit was due to a 251 percent rise in net interest income to 9.734 million rials in the first six months of 2009, the statement said.
Bank Sohar was launched in March 2007 and made an inaugural loss of 2.18 million rials in the second quarter of the year. The bank currently trades at 0.185 rials up from 0.119 rials at the beginning of 2009 in the Omani bourse. - Reuters