Travel card fraud hits Bank Muscat profit
Muscat, April 17, 2013
Bank Muscat, Oman's largest lender, posted a 25.1 percent drop in its first-quarter net profit on Wednesday as the bank booked additional provisions related to a prepaid travel card fraud incident.
The lender made a quarterly profit of 25 million rials ($64.9 million) in the three months to March 31, compared with a profit of 33.4 million rials in the prior-year period, it said in a statement to the Muscat bourse.
Five analysts polled by Reuters had, on average, estimated a first-quarter profit of 26.5 million rials.
Bank Muscat made a 15 million rials one-off provision after some of its prepaid travel cards were hit by fraud, the statement added.
Bank Muscat said in late-February that it would have to take an impairment charge of up to 15 million rials after a small number of the cards were hit by fraud. - Reuters