National Bank of Oman posts 25% rise in Q2 net profit

Sultanate's second-largest lender by assets says it made profit of $33m in three months to June 30
By Reuters
Tue 15 Jul 2014 02:09 PM

National Bank of Oman, the sultanate's second-largest lender by assets, posted a 25 percent rise in second-quarter net profit, beating analysts' expectations.

The lender made a net profit of OR12.7 million ($33 million) in the three months to June 30, according to Reuters calculations based on financial statements, up from OR10.2 million in the corresponding period of last year.

Five analysts polled by Reuters had estimated an average second-quarter profit of OR10.3 million.

NBO, which appointed Ahmed al-Musalmi as chief executive officer in May, reported a net profit for the first six months of 2014 of OR23.0 million, up from OR18.8 million in the same period of last year, a bourse filing showed.

Loans and advances stood at OR2.22 billion at the end of June, 7 percent higher year-on-year, with customer deposits rising 34 percent over the same timeframe to OR2.79 billion.

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