Bank Muscat Q3 net profit up 19.7 pc
Muscat, October 15, 2012
Bank Muscat, Oman's largest lender by market capitalisation, posted a 19.7 per cent increase in third-quarter net profit, Reuters calculated, beating analyst estimates.
The bank made a quarterly profit of 35.8 million Omani rials ($92.97 million) in the three months to September 30 compared to 29.9 million rials in the prior-year period.
Analysts polled by Reuters had on average estimated a third-quarter profit of 33.1 million rials.
Reuters calculated quarterly profit from previous financial statements. Bank Muscat reported a nine-month profit of 104.2 million rials. Profit for the six months to June 30 was 68.4 million rials.
Impairments for credit losses in the nine-month period ending September 30 stood at 40.9 million rials, slightly lower than 40.95 million rials a year ago.
Loans and advances rose by 18 per cent in the period and deposits climbed five per cent, largely driven by demand and saving deposits, a company statement to the bourse said.
Shares in Bank Muscat ended 0.5 per cent higher on Monday, ahead of the earnings announcement, but are nearly 15 per cent lower so far this year. – Reuters