October 12, 2016 / 10:32 AM / a year ago

Oman's Bank Muscat Q3 net profit flat, meets forecasts

DUBAI, Oct 12 (Reuters) - Bank Muscat, Oman’s largest lender, posted flat growth in third-quarter net profit on Wednesday, according to Reuters calculations, broadly in line with analysts’ estimates.

The bank made a profit of 46.4 million rials ($120.7 million) in the three-month period ending Sept. 30, the same figure it recorded 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 polled by Reuters forecast the bank would make a quarterly profit of 44.1 million rials.

The bank made a net profit of 136.9 million rials in the nine months to Sept. 30 compared to 136.2 million rials in the prior-year period, it said in a statement to the Muscat bourse.

Loans and advances rose 7.1 percent year on year to stand at 7.03 billion rials to the end of September, while total deposits increased 3.4 percent over the same timeframe to 7.58 billion rials. ($1 = 0.3846 Omani rials) (Reporting by Tom Arnold; Editing by David French)

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