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Wed 15 Apr 2015 02:05 PM

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National Bank of Oman sees 23% rise in Q1 net profit

Sultanate's third-largest lender says it made more than $32.7m in the three months to March 31

National Bank of Oman sees 23% rise in Q1 net profit

National Bank of Oman, the sultanate's third-largest lender by assets, posted a 23 percent rise in first-quarter net profit, in line with analysts' expectations.

The lender made a net profit of 12.6 million rials ($32.73 million) in the three months to March 31, it said in a bourse statement, up from 10.3 million rials in the same period last year.

Three analysts polled by Reuters on average forecast the bank's first-quarter profit would be 12.70 million rials.

National Bank of Oman's loans and advances stood at 2.39 billion rials at the end of March, 14 percent higher year-on-year, while customer deposits fell 14 percent over the same period to 2.44 billion rials.

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