By A Staff Reporter — MUSCAT — BankDhofar posted net earnings of RO 9.403 million for the first quarter of this year, a touch above the RO 9.385 million it generated during the corresponding quarter in 2011. Announcing its initial financial results for the quarter ended March 31, 2012, the Bank reported a 20.3 per cent rise in total assets, which climbed to RO 2.040 billion this year, from RO 1.695 billion during the Q1 of 2011.
Net loans and advances to customers also rose 18.3 per cent to RO 1.578 billion this year, compared to RO 1.334 billion in Q1 2011. Customer deposits soared 23.7 per cent to RO 1.559 billion at the end of the Q1 2012, from RO 1.260 billion during the same quarter a year ago. Operating income increased to RO 20.878 million during Q1 this year, up 5.8 per cent from the corresponding quarter’s earnings of RO 19.725 million. Bank Dhofar currently trades at an annualised PE of 14.4 and PBV of 2.3.
