National Bank of Oman (NBO), the sultanate’s second-largest lender by assets, reported a 29-per cent rise in fourth-quarter net profit on Wednesday, beating analyst forecasts.
The lender made a net profit of OMR13.2 million ($34.3 million) in the three months to Dec. 31, according to Reuters calculations based on financial statements, up from OMR10.2 million in the same period last year.
Two analysts polled by Reuters forecast NBO would make fourth-quarter profit of OMR10.8 million and OMR12.7 million respectively.
The bank, which appointed Ahmed al-Musalmi as chief executive in May, reported an annual net profit for 2014 of OMR50.3 million, up from OMR41.4 million in 2013, a bourse filing on Wednesday showed.
Loans and advances stood at OMR2.32 billion as of Dec. 31, 12 per cent higher year-on-year, with customer deposits flat over the same period at OMR2.18 billion.