Bank Muscat Q2 net profit up 8.9%

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Bank Muscat, the main victim of a $45 million global cyber heist, made a second-quarter net profit of 38.1 million Omani rials ($98.95 million), Reuters calculated, slightly higher than estimated.

Analysts polled by Reuters had forecast an average quarterly profit of 36.2 million rials, up from 35 million rials reported in the same period in 2012.

Oman's biggest lender by market value reported a net profit of 63.1 million rials in the first half of 2013 on Monday, down from 68.4 million rials in the prior-year period. The decline in profit was attributed to a first-quarter operating loss related to extra provisioning for fraud.

"The Bank is working on various channels to recover the loss arising from this exposure and will update the market on any material developments in this regard," a company statement to the Muscat bourse said.

The bank, one of the victims of a $45 million global cyber heist, took an impairment charge of up to 15 million rials in the first quarter after a small number of its travel cards were hit by fraud - an amount United Securities calculated was around 10.5 percent of the bank's estimated 2013 earnings.

The cards allow users to carry currencies abroad rather than using their debit or credit cards in foreign countries, which can be expensive.

Reuters calculated second-quarter profit from previous financial statements. First-quarter net profit was 25 million rials.

Net impairments for the first half totalled 17.5 million rials against 25.1 million rials in the same period in 2012. ($1 = 0.3851 Omani rials)

Net loans rose 7 percent in the first half of 2013, while deposits increased by 13 percent, the statement said.

Shares of Bank Muscat are up 2.6 percent this year on Oman's bourse.

Related:
Companies

Market Performance

BankMuscat
0.62
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

Features & Analysis
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Dodgy data obscure reality of Gulf's economic boom

Dodgy data obscure reality of Gulf's economic boom

Economists say that as Gulf opens wider to foreign investment...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams