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Thu 14 Jan 2010 10:55 AM

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Bank Dhofar Q4 net rises, below forecasts

Q4 net profit at Oman's second-biggest bank by market value jumps to OR6.56m ($17.04m).

Bank Dhofar's fourth-quarter net profit rose more than four-fold, but fell short of analysts' expectations, according to a statement on the Muscat bourse's website on Thursday.

Fourth-quarter net profit at Oman's second-biggest bank by market value jumped to 6.56 million Oman rials ($17.04 million) from 1.51 million rials in the year-ago period. The fourth-quarter figure is based on Reuters calculations, as the statement did not provide a quarterly breakdown.

The average fourth-quarter net profit forecast of analysts polled by Reuters this month was 10.96 million rials.

Full-year net profit rose to 28.06 million rials ($72.88 million) from 23.69 million rials in 2008.

The results were unaudited and have yet to be presented to the bank's board of directors, according to the statement.

The bank's full-year operating income rose to 65.03 million rials, while operating expenses increased 12.1 percent. (Reuters)

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