Oman's Bank Muscat Q3 profit up 26%

Oman's largest bank by market value beats analysts expectations with latest results
The result beat the expectations of analysts polled by Reuters. (IBRAHIM ADAWI/AFP/Getty Images)
By Reuters
Thu 14 Oct 2010 10:52 AM

Net profit at Bank Muscat, Oman's
largest bank by market value, rose 26 percent in the third quarter, beating
analyst's expectations.

The Oman bank posted third-quarter net profit of 25.2 million rials ($65.45
million) compared with 20.01 million rials ($51.97 million) in the same period
in 2009, according to Reuters calculations.

The result beat the expectations of analysts polled by Reuters, who estimated
an average net profit for the third quarter of 23.18 million rials.

Reuters calculated the net profit number based on the bank's nine-month net
profit which stood at 72.2 million rials, according to a statement posted on the
Muscat bourse on Thursday. The lender posted a net profit of 47 million rials in
the first half of the year.

Impairment for credit losses for the nine-month period ended September 30 was
30 million rials compared with 68.7 million rials for the same period last year,
the bank said in the statement.

The lender's profits jumped 87 percent in the second quarter to 22.57 million
rials, helped by reduced credit losses and higher deposits, but still missed
analyst views.

Bank Muscat is one of the managers for telecom firm Nawras' initial public
offering. (Reuters)

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