National Bank Of Oman Q1 Profit Rises 23%, Meets Estimates

National Bank of Oman, the sultanate’s third-largest lender by assets, posted a 23 per cent rise in first-quarter net profit, in line with analysts’ expectations.

The lender made a net profit of OMR12.6 million ($32.73 million) in the three months to March 31, it said in a bourse statement, up from OMR10.3 million in the same period last year.

Three analysts polled by Reuters on average forecast the bank’s first-quarter profit would be OMR12.70 million.

National Bank of Oman’s loans and advances stood at OMR2.39 billion at the end of March, 14 per cent higher year-on-year, while customer deposits fell 14 per cent over the same period to OMR2.44 billion.