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Tue 13 Oct 2015 12:46 PM

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Bank Muscat Q3 net profit rises 15%

Oman's largest lender saw loans and advances rise 8.7% year-on-year

Bank Muscat Q3 net profit rises 15%

Bank Muscat, Oman's largest lender, posted a 15 percent increase in third-quarter net profit on Tuesday, according to Reuters calculations, meeting analysts' estimates on the back of higher net interest income.

The bank made a profit of 46.4 million rials ($120.5 million) in the three-month period to Sept. 30, up from 40.4 million rials a year earlier.

Bank Muscat didn't disclose a quarterly breakdown of its earnings so Reuters calculated the figure based on the bank's previous financial statements.

Two analysts polled by Reuters had forecast Bank Muscat's third-quarter profit would be 43.7-45.3 million rials.

The bank's nine-month net profit was 136.2 million rials versus 126.7 million rials in the year-ago period. Loan impairments during the nine-month period rose to 42.7 million rials from 40.7 million rials.

Loans and advances rose 8.7 percent year-on-year to 6.6 billion rials on Sept. 30, while deposits increased 6.7 percent over the same timeframe to 6.8 billion rials.

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