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Bank Dhofar Q4 net profit rises 32pc

MUSCAT, January 14, 2016

Oman's Bank Dhofar, the second-largest lender in the sultanate by assets, posted a 32 per cent rise in fourth-quarter net profit on Thursday, according to Reuters calculations.

The lender made a profit of RO13.4 million ($34.81 million) in the three months to Dec. 31, compared to RO10.1 million in the same period last year, according to Reuters calculations based on its earnings statement.

Gulf Baader Capital Markets forecast the bank would make a quarterly net profit of RO10.0 million.

Bank Dhofar made a net profit of RO46.8 million in 2015, up 15.6 per cent on the same period last year, it said in a bourse filing.

Bank Dhofar, which entered into a non-binding merger agreement with smaller rival Bank Sohar in July, said net loans and advances rose 21.1 per cent year-on-year to RO2.72 billion as of Dec. 31.

Deposits over the same period gained 4.4 per cent to RO2.59 billion on Dec. 31, the statement added. – Reuters




Tags: Oman | Bank Dhofar | Net Profit |

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