Omani lender NBO's Q3 profit jumps 44%

At $26.5 million on increased deposits

National Bank of Oman's  third quarter profit jumped 45 percent, beating analyst estimates, as increased lending and customer deposits boosted the lender's bottom line.     

NBO, the Gulf state's second largest lender by assets, made a net profit of 10.2 million rials ($26.5m) in the third quarter, Reuters calculated from previous financial statements, a jump of 43.7 percent from the prior-year period.     

Analysts polled by Reuters had forecast an average quarterly profit of 8.96 million rials.      

The bank made a profit of 7.1 million rials in the third quarter last year. Six-month profit for 2010 was 17.1 million rials.      

Nine-month profit rose to 27.3 million rials from 21.7 million rials in the same period last year, the company said in a statement to the bourse on Monday.     

During the period, loans and advances rose 11 percent while customer deposits increased 16 percent.

In August, NBO's chief executive said profit growth for the full year may slow amid uncertainty in global markets and increased competition in the local banking sector, but that the bank is eyeing new opportunities in Islamic banking.

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