Oman's Bank Muscat Q3 profit up 26%

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)