National Bank of Oman Q3 profit climbs 16pc
Dubai, October 17, 2010
National Bank of Oman (NBO), the third-largest lender in the sultanate, saw its third-quarter net profit rise 16 percent but the results fell short of analyst expectations.
The bank's net profit climbed to RO7.1 million ($18.44 million) based on Reuters calculations, from 6.12 million a year ago, missing analysts average expectations.
An estimate of analysts polled by Reuters expected a profit of RO7.45 million for the quarter.
For the nine-month period ending September 30, National Bank of Oman reported earnings of 21.7 million rials. The company did not provide any reason for the results in its statement.
NBO had reported second-quarter earnings of RO8.02 millions, beating forecasts, in a recovery that analysts said showed that the sector was moving beyond its previous high provisions and asset quality issues. – Reuters