BankMuscat earned RO48.4 million ($125.7 million) net profit in the first quarter, up 82 percent on the year and in line with expectations, boosted by gains of the sale of its stake in India's HDFC Bank.

The net profit for the first quarter 2009 included RO35.3 million of post-tax gain on the sale of BankMuscat's stake in HDFC Bank, the firm said in a statement.

'The bank has also accounted for RO7.5 million of impairment losses on its available-for-sale investment portfolio in the first quarter,' BankMuscat said.

The bank earned RO26.54 million in the first quarter of 2008.

Analysts' forecasts ranged from RO30 million to RO68.29 million, with the average at RO48.86 million, in a Reuters survey conducted in April. – Reuters