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Oman’s Bank Dhofar Q4 Net Profit Up 9.2%, Beats Estimates

Oman’s Bank Dhofar Q4 Net Profit Up 9.2%, Beats Estimates

Net profit for the full year was down 30.6 per cent year-on-year to OMR40.5 million.

Oman’s Bank Dhofar, the third-largest lender in the sultanate by assets, beat analysts’ expectations as it posted a 9.2 per cent rise in fourth-quarter net profit on Thursday.

The Omani lender made a profit of OMR10.2 million ($26.5 million) in the three months to Dec. 31 compared to OMR9.3 million in the same period last year, according to Reuters calculations based on financial statements.

EFG Hermes had estimated a quarterly profit of OMR9.66 million, while Gulf Baader Capital Markets had forecast OMR9.43 million.

Net profit for the full year was OMR40.5 million compared to OMR58.4 million in the previous year, a statement to the Omani bourse said.

Net loans and advances rose 18.6 per cent year-on-year to OMR2.25 billion, with deposits also up over the same time frame, rising 22.2 per cent to OMR2.48 billion.

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