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Wed 16 Apr 2014 12:23 PM

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Oman's Bank Muscat Q1 net profit jumps 59%

In March, the lender said it will recover $39m lost in a global card fraud

Oman's Bank Muscat Q1 net profit jumps 59%
Oman finance, Oman banking, Oman finance

Bank Muscat, Oman's largest lender, missed analysts' expectations despite posting a 59.1 percent jump in its first-quarter net profit on Wednesday.

The bank made a quarterly profit of OMR39.76m ($103.3m) in the three months to March 31 compared to OMR24.99m in the corresponding period of 2013, a regulatory filing said.

Six analysts polled by Reuters had, on average, forecast a first-quarter profit of OMR41.6m.

Last month, the bank said it will recover the $39m it lost in a global pre-paid card fraud after insurers agreed to indemnify the loss.

In a globally coordinated campaign, hackers broke into two unidentified payment processing companies in India that handled the prepaid debit cards for two Middle Eastern banks and stole $45m, including from Bank Muscat. The other lender was National Bank of Ras Al Khaimah in the United Arab Emirates.

Bank Muscat had reported in February that its pre-paid travel cards were hit by fraud, forcing it to take a OR15m ($39m) loss provision.

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