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Thu 12 Jan 2017 02:26 PM

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National Bank of Oman sees Q4 net profit slump by 19.9%

Sultanate's third-largest lender says it made a profit of $35.5m in the three months to December 31

National Bank of Oman sees Q4 net profit slump by 19.9%
(Image: instagram/NBO)

National Bank of Oman (NBO), the sultanate's third-largest lender by assets, posted on Thursday a 19.9 percent fall in fourth-quarter net profit, according to Reuters calculations.

The lender made a profit of 13.68 million rials ($35.5 million) in the three months to Dec. 31, Reuters calculated based on previous financial statements in lieu of a quarterly breakdown.

This was down from 17.07 million rials in the same period of 2015.

EFG Hermes had forecast the bank would make a quarterly net profit of 14.35 million rials, while Gulf Baader Capital Markets had estimated 13.50 million rials.

NBO reported a net profit for full-year 2016 of 55.8 million rials, down from 60.1 million rials in 2015, a bourse filing showed.

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