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Oman’s Bank Dhofar Q3 Net Profit Rises 18%, Misses Estimates

Oman’s Bank Dhofar Q3 Net Profit Rises 18%, Misses Estimates

The bank made a net profit of OMR9.8 million ($25.5 million) in the three months to Sept. 30, up from OMR8.3 million in the same period of 2013.

Oman’s Bank Dhofar, which is talking with smaller rival Bank Sohar over a possible merger, reported an 18 percent increase in third-quarter net profit on Wednesday that missed two analysts’ forecasts.

The third-largest lender in the sultanate by assets made a net profit of OMR9.8 million ($25.5 million) in the three months to Sept. 30, up from OMR8.3 million in the same period of 2013, according to Reuters calculations based on the bank’s financial statements.

Two analysts polled by Reuters forecast Bank Dhofar would make a quarterly profit of OMR10.3 million and OMR25.3 million respectively.

The bank made a net profit of OMR30.3 million in the nine months to Sept. 30, down from OMR49.1 million a year ago, it said in a bourse filing, as the bank didn’t repeat a one-off gain booked in 2013 from a court case victory.

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