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Oman bank posts 10pc rise in profit

Middle East Business

Dubai: National Bank of Oman, the sultanate’s third-largest lender by assets, posted a 10 per cent rise in first-quarter net profit, according to a bourse statement yesterday.

The lender made a net profit of 13.9 million rials ($36.1m) in the three months to March 31, up from 12.6m rials in the same period last year.

Two analysts polled by Reuters forecast the firm would make a quarterly net profit of 15.7m rials and 13.6m rials, respectively.

The bank’s earnings were aided by a 10pc increase in net interest income to 24.7m rials. This helped to offset an 8pc decline in other forms of income, which fell to 8.4m rials.

Loans and advances stood at 2.63 billion rials as of March 31, 10pc higher year on year, with customer deposits falling 2pc over the same period to 2.39bn rials.

The bank had recorded a significant outflow of deposits during 2015, which analysts contributed to the impact of falling oil prices. 

Bank Muscat, Oman’s largest lender, posted a 1.1 percent increase in first-quarter net profit. The bank made a profit of 43.8m rials ($113.8m) in the three-month period ending March 31, up from 43.3m rials a year earlier.

EFG Hermes forecast the bank would make a quarterly profit of 45.24m rials.