Oman's Bank Dhofar Q2 profit up 16pc
Muscat, July 15, 2010
Bank Dhofar, Oman's second-largest bank by market value, saw quarterly net profit rise 16 per cent on Thursday but the results fell short of analysts forecasts.
Second-quarter net profit rose to RO8.9 million ($23.12 million) from 7.7 million rials in the second quarter of 2009, according to Reuters calculations. The lender posted a profit of 8.8 million rials for the first-quarter of the year.
Analysts had forecast net profit of RO9.1 million for the second quarter, according to a Reuters survey. For the six months ended June 30, the bank's profits rose 25 per cent to RO17.7 million, it said in a statement.
Customer deposits for the first half of the year rose 15.1 per cent, while loans and advances grew 6.8 per cent.
Omani banks have so far reported strong growth in quarterly earnings as asset quality improves and lenders book lower provisions as they recover from the impact of the financial crisis.
On Wednesday, Oman's largest bank by market value, Bank Muscat reported an 87-per cent jump in second-quarter profit, while National Bank of Oman said second-quarter profit rose 21 per cent.-Reuters
Tags: Bank Dhofar |
More Finance & Capital Market Stories
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook