The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
REUTERS
National Bank of Oman (NBO), the sultanate’s third-largest lender by assets, beat analysts’ expectations on Thursday despite posting flat growth in second-quarter net profit, according to Reuters calculations. The lender made a net profit of 15.46 million rials ($40.2 million) in the three months to June 30, Reuters calculated based on previous financial statements in lieu of a quarterly breakdown. This was comparable to 15.43 million rials in the same period last year.
Four analysts polled by Reuters on average forecast the firm would make a quarterly net profit of 14.18 million rials. NBO reported a net profit for the first six months of 2016 of 29.4 million rials, up from 28.1 million rials in the same period of last year, a bourse filing showed.
Customer deposits fell 1 percent
year on year to stand at 2.44 billion
rials on June 30. During the fourth quarter of 2015, Omani government deposits across the banking sector fell by about 400 million rials, according to a central bank financial stability report released this week.