National Bank of Oman Q3 net up 4pc
Dubai, October 18, 2012
National Bank of Oman, the Sultanate's fourth-largest lender by market value, slightly exceeded analysts' expectations as it posted a 3.9-per cent rise in third-quarter net profit.
The Omani lender made a net profit of RO10.6 million ($27.5 million) in the three months to September 30, according to Reuters calculations, compared with RO10.2 million in the same period in 2011.
Analysts polled by Reuters had estimated an average third- quarter profit of RO10.4 million.
Reuters calculated quarterly profit from previous financial statements. NBO reported a nine-month profit of RO30.5 million, up 12 per cent on the corresponding period last year, it said in a statement to the Muscat stock exchange on Thursday. First-half profit at the bank was RO19.9 million.
Loans and advances at the end of September stood at RO1.88 billion, up 18 per cent from the RO1.59 billion at the same point last year but up just 1.1 per cent from 1.86 billion rials at the end of June.
Customer deposits grew 23 per cent year-on-year, standing at RO1.91 billion against RO1.55 billion at the end of Q3 2011. The growth since the end of June was 4.4 per cent.
Total assets stood at RO2.52 billion at the end of September, a 20 per cent rise versus RO2.1 billion a year ago and a 1.2 per cent gain since the end of the second quarter.
Shares in NBO have fallen 10 per cent year-to-date, underperforming the broader index which has gained 0.3 per cent.-Reuters