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CUSTOMER DEPOSITS UP 18pc

National Bank of Oman Q4 profit jumps 48pc

Dubai, January 20, 2013

National Bank of Oman, the sultanate's fourth-largest lender by market capitalisation, posted a 47.8-percent rise jump in fourth-quarter net profit on Sunday, beating analysts' expectations.

The lender made a net profit of 10.2 million rials ($26.5 million) in the final three months of 2012, according to Reuters calculations based on previous financial statements, up from 6.9 million rials in the same period in 2011.

Four analysts polled by Reuters had estimated an average fourth-quarter profit of 8.7 million rials.

Full-year profits stood at 40.7 million rials, climbing 19 percent on the previous year's figure of 34.2 million rials, a statement to the Muscat stock exchange said.

The bank was helped by a 15-percent rise in net interest income, which increased to 67.2 million rials in 2012.

Loans and advances grew by 14 percent in 2012, hitting 1.91 billion rials against 1.67 billion rials at the end of 2011.

Customer deposits rose 18 percent year-on-year, standing at 1.89 billion rials against 1.6 billion rials at the end of 2011. Total assets gained 14 percent in the same period to 2.54 billion rials at the end of 2012.

Fitch Ratings affirmed NBO's BBB+ rating in November, citing improving profitability, liquidity and asset quality on account of the bank's new strategy.

However, it noted the bank's weakening capital position - its core capital ratio declined 0.5 percent in the first nine months of 2012 to 12.8 percent on the back of strong growth - at a time when other Omani banks are mulling rights issues.

NBO shares closed 0.7 percent lower on the Muscat bourse Sunday. – Reuters




Tags: Muscat | profit | quarter | Rial | National Bank of Oman |

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