July 14, 2015 / 8:08 AM / 2 years ago

Oman's Bank Dhofar Q2 net profit rises 5.15 pct

DUBAI, July 14 (Reuters) - Oman’s Bank Dhofar, the second-largest lender in the sultanate by assets, posted a 5.15 percent rise in second-quarter net profit on Tuesday, according to Reuters calculations.

The lender made a profit of 10.82 million rials ($28.11 million) in the three months to June 30, compared to 10.29 million rials in the same period last year, Reuters calculated as the bank did not provide quarterly results breakdown in an earnings statement.

It made a net profit of 22.6 million rials in the first six months of 2015, up 10.4 percent on the same period last year, the filing said.

EFG Hermes estimated the bank would make a quarterly net profit of 11.32 million rials, while Gulf Baader Capital Markets forecast a quarterly profit of 11.37 million rials.

Bank Dhofar and Bank Sohar announced July 1 they had entered into a non-binding agreement for a proposed merger and would now conduct due diligence subject to regulatory approval, in the latest move towards consolidation in the country’s financial sector.

The merger would create the country’s second-largest bank with an approximate market capitalisation of $1.81 billion and assets of $13.69 billion, according to Thomson Reuters data.

Bank Dhofar’s net loans and advances rose 14.9 percent year-on-year to 2.5 billion rials at the end of June, the bourse statement said.

$1 = 0.3850 Omani rials Reporting by Tom Arnold; Editing by David French

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