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Bank Dhofar Q3 profit up 5pc to $20m

Muscat, October 14, 2010

Bank Dhofar, Oman's second-largest bank by market value, fell short of forecasts with a 5 per cent rise in third-quarter net profit to QR7.7 million ($20 million).

Third-quarter net profit rose to QR7.7 million from QR7.32 million in the third quarter of 2009, according to Reuters calculations, below the average analyst estimate of QR8.71 million.

Reuters calculated the profit for the quarter based on the lender's nine-month net profit which stood at QR25.4 million, according to a statement to the Muscat bourse on Thursday. It had reported first-half net profit of QR17.7 million.

Dhofar International Development and Investment Holding Co (Didic) said in September it sold 2.5 per cent of its capital in Bank Dhofar to reduce borrowing and invest in other sectors.

Fitch affirmed its rating on the bank at BBB+ with a stable outlook in August, saying that the individual rating reflected the bank's strong franchise, good profitability and adequate capitalisation as well as its rapid loan growth and relatively low non-performing loans.

Bank Dhofar shares were trading up 0.5 per cent at 0713 GMT on the Muscat bourse.-Reuters




Tags: Muscat | investment | finance | Bank Dhofar |

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