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Mon 16 Jul 2012 06:39 PM

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National Bank of Oman posts 13% rise in Q2 profit

Sultanate's fourth-largest lender makes $26.8m net profit in second quarter of 2012

National Bank of Oman posts 13% rise in Q2 profit
National Bank of Oman is listed on the Muscat Stock Exchange.

National Bank of Oman, the sultanate's fourth-largest lender by market capitalisation, posted a 13.2 percent rise in second-quarter net profit, edging slightly ahead of analysts' expectations.

The lender made a net profit of OR10.3m ($26.8m) in the three months to June 30, according to Reuters calculations based on a statement to the Muscat stock exchange on Monday, up from OR9.1m in the same period of 2011.

Analysts polled by Reuters had estimated an average second quarter profit of OR10.1m.

First-half profit at NBO was reported as OR19.9m, a 16.4 percent increase from the OR17.1m recorded for the same period in 2011.

Loans and advances grew 20 percent year-on-year to OR1.86bn at the end of June from OR1.55bn at the same point last year.

Total assets stood at OR2.49bn at the end of June, a 23.3 percent rise versus OR2.02bn at the same point in 2011.

Shares in NBO ended flat on Monday, prior to the disclosure of results, having fallen 8.7 percent year-to-date. This compares to the main Muscat index which has dropped 4 percent in 2012.

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