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Wed 14 Jan 2015 02:30 PM

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Oman's largest lender posts 29% rise in Q4 net profit

National Bank of Oman says it made net profit of more than $34m in the three months to Dec 31

Oman's largest lender posts 29% rise in Q4 net profit

National Bank of Oman (NBO), the sultanate's second-largest lender by assets, reported a 29-percent rise in fourth-quarter net profit on Wednesday, beating analyst forecasts.

The lender made a net profit of 13.2 million rials ($34.3 million) in the three months to Dec. 31, according to Reuters calculations based on financial statements, up from 10.2 million rials in the same period last year.

Two analysts polled by Reuters forecast NBO would make fourth-quarter profit of 10.8 million rials and 12.7 million rials respectively.

The bank, which appointed Ahmed al-Musalmi as chief executive in May, reported an annual net profit for 2014 of 50.3 million rials, up from 41.4 million rials in 2013, a bourse filing on Wednesday showed.

Loans and advances stood at 2.32 billion rials as of Dec. 31, 12 percent higher year-on-year, with customer deposits flat over the same period at 2.18 billion rials.

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