DUBAI: First quarter net profit at National Bank of Oman, the sultanate's second-largest lender by assets, jumped 16.7 percent, beating analysts average expectations.
The bank made a quarterly net profit of 7.7 million rials ($20 million), compared with 6.6 million rials in the same period last year, it said in a statement to bourse on Monday.
Analysts polled by Reuters had estimated an average first quarter profit of 6.86 million rials.
Net interest income fell to 13.4 million rials in the quarter, down 2.2 percent from one year earlier. Total assets dropped to 1.87 billion rials from 1.89 billion rials a year ago but loans and advances grew 2.5 percent in the quarter compared with previous year.
Last month, NBO shareholders approved a $600 million bond programme at an annual general meeting. The euro medium term notes (EMTN) programme will allow the bank to issue bonds through public subscription or private placement in different currencies and on varying terms.
The company also said in January that Commercial Bank of Qatar, which holds a 34.9 percent stake in the Omani lender, would not extend an agreement to provide NBO with management services.
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