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Wed 12 Oct 2016 02:57 PM

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Oman's largest lender posts flat growth in Q3 net profit

Bank Muscat says it made a net profit of more than $120m in the three months to Sept 30

Oman's largest lender posts flat growth in Q3 net profit
Oman finance, Oman banking, Oman finance

Bank Muscat, Oman's largest lender, posted flat growth in third-quarter net profit on Wednesday, according to Reuters calculations, broadly in line with analysts' estimates.

The bank made a profit of 46.4 million rials ($120.7 million) in the three-month period ending Sept. 30, the same figure it recorded a year earlier.

Bank Muscat didn't disclose a quarterly breakdown of its earnings so Reuters calculated the figure based on previous financial statements.

Four analysts polled by Reuters forecast the bank would make a quarterly profit of 44.1 million rials.

The bank made a net profit of 136.9 million rials in the nine months to Sept. 30 compared to 136.2 million rials in the prior-year period, it said in a statement to the Muscat bourse.

Loans and advances rose 7.1 percent year on year to stand at 7.03 billion rials to the end of September, while total deposits increased 3.4 percent over the same timeframe to 7.58 billion rials.

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