Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Bank Muscat misses f/cast with Q2 profit rise
Published in Daily News Egypt on 14 - 07 - 2010

DUBAI: Bank Muscat, Oman's largest bank by market value, reported an 87 percent jump in second-quarter net profit helped by reduced credit losses and higher deposits but still fell short of analysts expectations.
The Omani bank's second-quarter net profit climbed to 22.51 million rials, according to Reuters calculations, from 12.02 million rials in the second quarter of 2009.
The company reported a net profit of 47 million rials for the six months ended June 30.
Analysts polled by Reuters had estimated an average net profit for the second quarter of 26.4 million rials.
In a statement, Bank Muscat said net interest income for the first half climbed by 6 percent, while credit losses for the first six months fell to 20.7 million from 51.5 million in the comparable period last year.
Customer deposits climbed almost 11 percent in the first half from the year-ago period.
The bank, like many in the region, has been under pressure from the global financial crisis.
In June, Bank Muscat chairman AbdulMalik bin Abdullah Al-Khalili said the company has put its international expansion plans on hold but was continuing to look to grow within the Gulf Cooperation Council.
The lender has embarked on an aggressive investment strategy in the recent past. Through its stake in BMI Bahrain, BankMuscat has ventured into Qatar, Kenya, and the Seychelles.
It also holds stakes in banks in Pakistan and India. BankMuscat sold its stake in Indian bank HDBC last year.
The bank has a 49 percent stake in BMI Bank, Bahrain, and is present in Saudi Arabia with a branch in Riyadh. Recently, it opened a branch in Kuwait and has a representative office in Dubai.
It is also awaiting branch licenses in the United Arab Emirates and Qatar.
Bank Muscat was downgraded by HSBC in May to neutral from overweigh on valuation concerns. HSBC said that it still liked the company as a long-term story within the Omani banking industry.
Shares of Bank Muscat fell 1.7 percent to 0.812 rials at 0624 GMT.


Clic here to read the story from its source.