Bank Dhofar Q3 profit up 5%, below forecasts

  • Share via facebook
  • Tweet this
  • Bookmark and Share
BANK RESULTS: Oman's second-largest bank by market value, fell short of forecasts with a 5 percent rise in third-quarter net profit. (Getty Images)

BANK RESULTS: Oman's second-largest bank by market value, fell short of forecasts with a 5 percent rise in third-quarter net profit. (Getty Images)

Bank Dhofar, Oman's second-largest bank by market value, fell short of forecasts with a 5 percent rise in third-quarter net profit.

Third-quarter net profit rose to 7.7 million rials ($20 million) from 7.32 million in the third quarter of 2009, according to Reuters calculations, below the average analyst estimate of 8.71 million.

Reuters calculated the profit for the quarter based on the lender's nine-month net profit which stood at 25.4 million rials, according to a statement to the Muscat bourse on Thursday.

It had reported first-half net profit of 17.7 million rials.

Dhofar International Development and Investment Holding Co (DIDIC) said in September it sold 2.5 percent of its capital in Bank Dhofar to reduce borrowing and invest in other sectors.

Fitch affirmed its rating on the bank at BBB+ with a stable outlook in August, saying that the individual rating reflected the bank's strong franchise, good profitability and adequate capitalisation as well as its rapid loan growth and relatively low non-performing loans.

Bank Dhofar shares were trading up 0.5 percent at 0713 GMT on the Muscat bourse. ($1 = 0.3850 rial) (Reuters)

 

Related:
Companies

Market Performance

Bank Dhofar
0.386
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew