Bank Muscat, Oman's largest lender by market value, reported a 15.8 per cent increase in third-quarter net profit on Wednesday, edging ahead of analysts' forecasts.

The bank recorded a net profit of RO29.9 million ($77.66 million) for the three months to the end of September, according to Reuters calculations based on the bank's previous financial results.

This compared with the bank's RO25.17 million profit it posted for the same period last year.

The average of four analysts polled by Reuters was third quarter net profit of RO28.34 million.

In the first nine months of 2011, the bank made a net profit of RO87.1 million, up from RO72.2 million for the corresponding period last year, according to a statement to the Muscat Securities Market.

Impairments at the bank were RO40.9 million for the first nine months of the year. This compares to RO30.1 million during the same time in 2010.

The figure for the opening six months of 2011 was RO25.7 million. The bank did not provide impairment figures for the third-quarter.

Shares of the company closed 0.3 percent lower on the Muscat bourse Wednesday. They have 20 per cent year-to-date.-Reuters