National Bank of Oman posts 11% drop in Q1 profit

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National Bank of Oman, the sultanate's fourth-largest lender by market capitalisation, posted an 11 percent drop in first-quarter net profit, missing the average profit forecast of analysts.

The lender made a net profit of OR8.6m ($22.3m) for the quarter, compared with a profit of OR9.6m for the year-ago quarter, NBO said in a bourse statement on Wednesday.

Four analysts polled by Reuters had on average expected the bank to post a net profit of OR10.3m for the first quarter.

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