Sultanate's largest lender makes net profit of nearly $102m in the three months to Dec 31
Bank Muscat, Oman's largest lender, posted a 7.3 percent increase in fourth-quarter net profit on Thursday, according to Reuters calculations.
The bank made a profit of 39.2 million rials ($101.85 million) in the three-month period ending Dec. 31, up from 36.5 million rials a year earlier. Reuters calculated the figure based on the bank's previous financial statements as Bank Muscat didn't disclose a quarterly breakdown of its earnings.
Two analysts polled by Reuters had forecast Bank Muscat's fourth-quarter profit would be 39.5 million rials and 41.0 million rials respectively.
The bank's full-year net profit was 175.4 million rials, up 7.5 percent from the previous year's 163.2 million rials, the statement said.
Net loans and advances rose 4.9 percent year on year to stand at 6.70 billion rials on Dec. 31, while total customer deposits and Islamic deposits increased 11.1 percent over the same timeframe to 7.36 billion rials.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.