Bank Muscat net profits up 19%

Muscat: Oman’s biggest lender by market value, BankMuscat, said on Thursday that its full-year 2012 net profit jumped 19 per cent on year, mainly due to higher interest income.

Net profit increased to 139.2 million Omani riyals (Dh1.32 billion, $361.9 million) in 2012 from 117.5 million riyals a year earlier, BankMuscat said in a statement posted on the local bourse website. The result beats the 132 million riyals net profit predicted by analysts at Egypt’s EFG Hermes Holding but comes far below the 160.3 million riyals forecast by analysts at Kuwait’s NBK Capital. Fourth-quarter net profit rose 15 per cent on year to 35 million riyals.