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National Bank of Oman Q2 net profit jumps 25 pct
July 15, 2014 / 9:52 AM / 3 years ago

National Bank of Oman Q2 net profit jumps 25 pct

DUBAI, July 15 (Reuters) - National Bank of Oman, the sultanate’s second-largest lender by assets, posted a 25-percent rise in second-quarter net profit, beating analysts’ expectations.

The lender made a net profit of 12.7 million rials ($33 million) in the three months to June 30, according to Reuters calculations based on financial statements, up from 10.2 million rials in the corresponding period of last year.

Five analysts polled by Reuters had estimated an average second-quarter profit of 10.3 million rials.

NBO, which appointed Ahmed al-Musalmi as chief executive officer in May, reported a net profit for the first six months of 2014 of 23.0 million rials, up from 18.8 million rials in the same period of last year, a bourse filing showed.

Loans and advances stood at 2.22 billion rials at the end of June, 7 percent higher year-on-year, with customer deposits rising 34 percent over the same timeframe to 2.79 billion rials. ($1 = 0.3850 Omani Rials) (Reporting by Olzhas Auyezov; Editing by David French)

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