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Oman Int’l Bank net falls 36 pct in Q2

Q2 net 3.6 mln rials, misses f'cast

July 29, 2010 1:51 by

Second-quarter net profit at Oman International Bank, the sultanate’s fourth-largest bank by market value, fell 36 percent, missing analysts expectations.

The bank made a second-quarter net profit of 3.5 million rials ($9.09 million), Reuters calculated based on the bank’s previous financial statements. This compares to 5.47 million rials the lender posted in the second quarter of 2009.

The results fell short of analysts’ average forecast of 5.6 million rials in a Reuters poll.

OIB reported a profit of 9.23 million rials in the first six months of the year. First quarter net profit was 5.66 million riyals.

Banks throughout the Gulf have taken a hit in recent quarters due to a rise in provisions against bad debts, which have dampened profits and slowed credit growth.

OIB did not release a detailed financial statement.

Shares of Oman International Bank are down 3 percent this year.

(Reporting by Rachna Uppal; Editing by Dinesh Nair)

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