NBO posts flat Q4 profit, misses forecasts
Dubai, January 20, 2014
National Bank of Oman (NBO), the sultanate's second-largest lender by assets, posted a flat fourth-quarter net profit, missing analysts' expectations.
The lender made a net profit of RO10.2 million ($26.5 million) in the three months to December 31, Reuters calculated, the same as the corresponding period of 2012.
Four analysts polled by Reuters on average forecast NBO's fourth-quarter profit would be RO11.57 million.
Reuters calculated the net profit figure based on the bank's previous financial results. It posted a net profit of RO41.4 million for 2013, up from RO40.7 million in the previous year, a statement to the Muscat bourse said on Monday.
Loans and advances stood at RO2.07 billion at the end of December, 8 per cent higher than the RO1.91 billion at the same point of 2012.
Customer deposits rose 15 per cent year-on-year, standing at RO2.18 billion versus RO1.89 billion at the end of 2012. - Reuters