Mubasher : HSBC Oman’s profits declined in the first quarter of fiscal 2016 by 7.9% year-on-year, according to the bank’s financial statements released on Thursday.

Net profit reached OMR 3.5 million ($9.11 million) in Q1-16, against OMR 3.8 million ($9.89 million in the same period of 2015.

The Muscat-listed bank earlier posted a net profit of OMR 12.9 million ($33.50 million) in 2015, 5.7% up from OMR 12.2 million ($31.68 million) in 2014.

Shareholders of the bank approved cash dividends at 5.5% or 5.5 Baisas per share for the fiscal year 2015.