National Bank of Oman Net profit in Q2 2011

National Bank of Oman Net profit in Q2 2011 ; Bank of Oman (NBO) on Sunday reported a 13.8 percent increase in second quarter net profit, beating analysts estimates on the back of increased lending and a rise in customer deposits.

The lender made a net profit of 9.1 million rials ($23.64 million) for the three month period ending June 30 compared with 8 million rials in the prior-year period.

Analysts polled by Reuters had estimated an average second quarter profit of 7.48 million rials.

Profit for the first six months rose 17 percent over the same period last year to 17.1 million rials, NBO said in a statement to Muscat bourse.

Loans grew 10 percent in the first half, while deposits rose 11 percent, the statement said.

In March, 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.
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