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Wed 23 Oct 2013 09:28 AM

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National Bank of Oman Q3 net profit up 18%

Sultanate's fourth-largest lender made net profit of $32.21m for three months ending Sept 30

National Bank of Oman Q3 net profit up 18%
TRYING TIMES: National Bank of Oman saw 33% drop in its fourth-quarter profit. (Getty Images)

National Bank of Oman (NBO), the sultanate's fourth-largest lender by market capitalisation, posted an 18 percent rise in third-quarter net profit, beating analysts' forecasts.

The lender made a net profit of 12.4 million rials ($32.21 million) for the three months ending Sept 30, Reuters calculations show, compared with 10.5 million rials in the prior year period.

Five analysts polled by Reuters had on average expected the bank to post a net profit of 10.6 million rials for the third-quarter.

Reuters calculated the net profit figure based on the bank's previous financial results. NBO posted a net profit of 31.2 million rials for the first nine months of the year, compared with 30.5 million rials in the prior-year period, it said in a statement to the Muscat stock exchange said on Wednesday.