National Bank of Oman Q4 profit misses estimates

National Bank of Oman Q4 profit misses estimates

National Bank of Oman , the Gulf state's second largest lender by assets, reported a 25.5 percent rise in fourth-quarter net profit, Reuters calculations show, but the results missed analysts' forecasts.

January 24, 2012 1:40 by Reuters

The lender made a net profit of 6.9 million rials ($17.92 million) in the final three months of the year, according to Reuters calculations based on a statement to the Muscat stock exchange Tuesday, up from 5.5 million rials in the same period of 2010.

Analysts polled by Reuters had forecast an average quarterly profit of 8.7 million rials.

Full-year profits showed a similar increase in 2011, reaching 34.2 million rials, up 25.7 percent on the previous year’s figure of 27.2 million rials.

Loans and advances grew by 23 percent in 2011, hitting 1.7 billion rials against 1.4 billion rials in 2010.

Assets were also up, at 2.2 billion rials against 1.8 billion rials in 2010 – equivalent to a 24 percent increase.

NBO’s board recommended a cash dividend of 17.5 percent, the statement added.

On January 15, Bank Muscat, Oman’s largest lender, edged ahead of analysts’ expectations when it posted a 3.1 percent rise in fourth-quarter net profit to 30.4 million rials. ($1 = 0.3850 Omani rials) (Reporting by David French; Editing by Dinesh Nair)