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

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