National Bank of Oman Q1 up 16.7 per cent
Muscat, April 18, 2011
First quarter net profit at National Bank of Oman (NBO), the sultanate's second-largest lender by assets, jumped 16.7 per cent, beating analysts average expectations.
The bank made a quarterly net profit of RO 7.7 million ($20 million), compared with RO 6.6 million in the same period last year, it said in a statement to bourse on Monday.
Analysts polled by Reuters had estimated an average first quarter profit of RO 6.86 million.
Net interest income fell to RO 13.4 million in the quarter, down 2.2 per cent from one year earlier. Total assets dropped to RO 1.87 billion from RO 1.89 billion a year ago but loans and advances grew 2.5 per cent in the quarter compared with previous year.
Last month, NBO shareholders approved a $600 million bond programme at an annual
general meeting. The euro medium term notes (EMTN) programme will allow the bank to issue bonds through public subscription or private placement in different currencies and on varying terms.
The company also said in January that Commercial Bank of Qatar, which holds a 34.9 per cent stake in the Omani lender, would not extend an agreement to
provide NBO with management services.-Reuters