DUBAI: Bank Dhofar, currently in talks to merge with smaller rival Bank Sohar, met analysts’ expectations as it posted a 23 percent rise in second-quarter net profit yesterday.
Oman’s second-largest bank by market value made a profit of RO10.28m ($26.7m) in the three-month period to June 30 compared to RO8.36m in the same timeframe last year. An average of three analysts polled had estimated a quarterly profit of RO10.11m. Net profit for the first six months of 2013 was RO20.5m, well down on the RO40.8m recorded for the corresponding period of last year, a statement to the Omani bourse said, as the bank didn’t repeat a one-off gain booked in 2013 from a court case victory. Net loans and advances grew 20.8 percent year-on-year to RO2.18bn, with deposits also up over the same timeframe, rising 26.1 percent to RO2.19bn. Reuters
