"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    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    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.



Oman banks see Q3 profit rise
Published in Daily News Egypt on 14 - 10 - 2010

DUBAI: Two of Oman's biggest banks posted a rise in third-quarter earnings on Wednesday, raising hopes for a positive year-end close for the country's banking sector.
Bank Muscat, Oman's largest bank by market value, said its third-quarter net profits rose by 26 percent, beating analysts expectations. Bank Dhofar, the second-largest bank, recorded a 5 percent rise in profits.
"With stability in local asset quality, we expect provisioning cost to come down for Omani Banking sector," said Ajeev Gopinath, associate vice president for asset management at Gulf Baader Capital Markets in Muscat.
"This, along with expectation of improvement in credit addition moving forward, we are positive on Omani banking sector," said Gopinath adding that Q3 earnings from Bank Muscat is seen to be healthy.
"Barring losses from its associate in Bahrain, the performance is commendable," said Gopinah.
BMI Bank in Bahrain, the associate of Bank Muscat, had reported a loss of about RO 5.2 million during Q3FY10 on incremental credit losses.
Bank Muscat posted third-quarter net profit of 25.2 million rials ($65.5 million) compared with 20.01 million rials ($52 million) in the same period in 2009, according to Reuters calculations.
The result was at the top end of analysts' expectations polled by Reuters, who estimated an average net profit for the third quarter of 23.18 million rials.
Impairment for credit losses for the nine-month period ended September 30 was 30 million rials compared with 68.7 million rials for the same period last year, the bank said in the statement.
"The bank says it is not longer taking any more provisions. So it has reached a healthy balance sheet," said Adel Nasr, brokerage manager for United Securities.
Bank Muscat is one of the managers for telecom firm Nawras' initial public offering.
Meanwhile, Bank Dhofar, Oman's second-largest bank by market value, fell short of forecasts as its third-quarter net profit rose to 7.7 million rials ($20 million) from 7.32 million in the third quarter of 2009, according to Reuters' calculations, below the average analyst estimate of 8.71 million.
Dhofar International Development and Investment Holding Co (DIDIC) said in September it sold 2.5 percent of its capital in Bank Dhofar to reduce borrowing and invest in other sectors.
Fitch affirmed its rating on the bank at BBB+ with a stable outlook in August, saying that the individual rating reflected the bank's strong franchise, good profitability and adequate capitalization as well as its rapid loan growth and relatively low non-performing loans.
"Following these earnings, more investments will be seen in Oman's banking sector in in coming weeks," said Nasr. "For now, investors will wait for the remaining earnings to be announced."


Clic here to read the story from its source.