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BankMuscat Third-Quarter Profit Rises 18% as Lending Increases

BankMuscat SAOG, Oman’s biggest bank by assets, reported an 18 percent jump in third-quarter profit, helped by higher income from lending.

Net income advanced to 29.8 million rials ($77 million) from 25.2 million rials a year earlier, according to Bloomberg calculations based on nine-month results provided by the Muscat-based lender. EFG-Hermes Holding SAE forecast a profit of 24 million rials, according to data compiled by Bloomberg.

Nine-month lending increased 17 percent from a year ago to 4.54 billion rials and deposits rose 37 percent to 4.72 billion rials, the bank said.

BankMuscat shares lost 0.3 percent to close at 0.665 rial in Muscat today before the results were announced. The stock has declined 21 percent this year compared with an 18 percent drop in the benchmark Muscat Securities Market Index.

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