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National Bank Of Oman Q3 Profit Rises, Beats Forecasts

National Bank Of Oman Q3 Profit Rises, Beats Forecasts

The lender made a net profit of OMR14.1 million in the three months to Sept. 30.

National Bank of Oman, the sultanate’s second-largest lender by assets, reported a 13.7 per cent rise in third-quarter net profit on Tuesday, beating analysts’ forecasts.

The lender made a net profit of OMR14.1 million ($36.62 million) in the three months to Sept. 30, according to Reuters calculations based on financial statements, up from OMR12.4 million in the corresponding period of last year.

Four analysts polled by Reuters on average forecast the bank would make a quarterly profit of OMR11.70 million.

The bank, which appointed Ahmed al-Musalmi as chief executive in May, made a net profit of OMR37.1 million in the first nine months of 2014, up from OMR31.2 million in the same period of 2013, a bourse filing showed.

Loans and advances stood at OMR2.3 billion at the end of September, seven per cent higher year-on-year, with customer deposits rising 24 per cent over the same period to OMR2.7 billion.

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