Bank Dhofar Q4 profit doubles

Muscat, January 12, 2011

Quarterly net profit at Oman's Bank Dhofar jumped more than two-fold, Reuters calculations show, but fell short of average analyst estimates.   

Bank Dhofar made a fourth-quarter profit of 7.9 million  rials ($20.51 million), up from 2.9 million rials in the same period in 2009. The lender reported a full-year profit of 33.3 million rials, it said in a statement to the bourse on Wednesday.

Reuters calculated the quarterly profit from previous financial statements. Nine-month profit to Sept 30 totalled 25.4 million rials.Analysts polled by Reuters had on an average estimated quarterly profit of 8.08 million rials for the lender.   

"A stable set of results. Strong pick up in deposit growth possibly indicating at recovering loan growth prospects," a note from investment bank EFG Hermes said.   

Net loans and advances grew 5.7 percent over the year, and deposits rose 13.5 percent, financial statements posted on the Muscat bourse website showed.   

Banks in the sultanate are expected to benefit from government plans to spend 30 billion rials ($77.2 billion) in a new five-year economic plan. - Reuters

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