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Bank Muscat Q4 Net Profit Drops 26.6%, Misses Forecasts

Bank Muscat Q4 Net Profit Drops 26.6%, Misses Forecasts

Net profit in 2014 was OMR163.2 million, up 7.3 per cent from the previous year.

Bank Muscat, Oman’s largest lender, posted a 26.6 per cent decrease in its fourth-quarter net profit on Thursday, missing analysts’ estimates.

The bank made a profit of OMR36.5 million ($94.8 million) in the three months to Dec. 31 compared with OMR49.7 million in the year-ago period, it said in a statement to the Muscat bourse.

EFG Hermes had forecast a fourth-quarter profit of OMR39.20 million while Gulf Baader Capital Markets had expected OMR40.89 million rials.

Net profit in 2014 was OMR163.2 million, up 7.3 per cent from the previous year.

Loans and advances rose 9.9 per cent year-on-year to OMR6.75 billion at the end of December, while deposits increased 16.4 per cent to OMR6.63 billion.

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