Reuters/Dubai
Bank Muscat, Oman’s largest lender, posted a 15.1% increase in fourth-quarter net profit yesterday, Reuters calculations show, in line with the average estimate of analysts.
The bank made a quarterly net profit of 35mn rials Omani ($90.9mn) in the three months to December 31 compared with RO30.4mn in the prior-year period. Six analysts polled by Reuters had on average estimated a fourth-quarter profit of RO35mn.
Full-year net profits for the bank stood at RO139.2mn, a 18.5% improvement on the RO117.5mn it reported for 2011, a statement to the Omani bourse said.
The results were boosted by a 13.5% increase in non-interest income, which rose to RO93.2mn, and a 8.6% gain in net interest income, which advanced to RO230.4mn.
Impairments for the final three-month period of 2012 stood at RO17mn, Reuters calculated, taking them to RO57.9mn for the full year. This was up 11.1 and 3.2% respectively on the corresponding period of 2011.
Loans and advances rose to 5.6bn rials at the end of 2012, up 16.2% from RO4.82bn at the same point in 2011. Deposits increased 10.9% in 2012, the bank said, rising to RO5.38bn from RO4.85bn at the end of 2011.
Earlier this week, Bank Muscat said it had received a licence from the country’s central bank to commence Islamic banking operations under its Meethaq Islamic Banking brand.
