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Thu 15 Jan 2009 04:56 PM

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Omani bank’s Q4 profit plunges 81%

Bank Dhofar misses analysts’ forecasts; posts $3.94mn net profit, well down on Q4 in 2007.

Bank Dhofar posted an 81.2 percent drop in fourth-quarter net profit on Thursday to 1.516 million rials ($3.94 million), missing analysts' forecasts.

The bank's full-year profit rose to 23.69 million rials from 22.79 million rials in 2007, Bank Dhofar said in a statement on the bourse website, without giving quarterly data, which Reuters calculated from previous financial statements.

Analysts' forecasts for Bank Dhofar's quarterly profit ranged from 6.5 million rials and 7.3 million rials in a Reuters net profit survey last month.

The average forecast was for a 15.3-percent fall in profit.

Bank Dhofar earned 22.17 million rials in the first nine months of 2008 and 8.05 million rials in the fourth quarter of 2007. (Reuters)

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