July 14, 2015 / 5:33 AM / 2 years ago

Bank Muscat Q2 net marginally lower, beats estimates

DUBAI, July 14 (Reuters) - Bank Muscat, Oman’s largest lender, posted a 0.2 percent dip in its second-quarter net profit on Tuesday, according to Reuters calculations, beating analysts’ estimates.

The bank made a profit of 46.5 million rials ($120.8 million) in the three-month period to June 30, compared to 46.6 million rials a year earlier.

Bank Muscat didn’t disclose a quarterly breakdown of its earnings so Reuters calculated the figure based on previous financial statements.

Four analysts on average had forecast a second-quarter profit of 40.71 million rials, according to a Reuters poll.

The bank made a net profit of 89.8 million rials in the six months to June 30 compared to 86.4 million rials in the prior-year period, it said in a statement to the Muscat bourse. Loans and advances rose by 4.6 percent year-on-year to 6.4 billion rials on June 30. (Reporting by Tom Arnold; Editing by Andrew Torchia)

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