Bank Sohar 2010 net profit jumps 27%

Oman's Bank Sohar posted a 27.2 per cent rise in net profit for 2010 amid a rise in customer deposits, the company said in a statement on Wednesday.

Bank Sohar reported 2010 net profit of 10.2 million Omani rials ($26.5 million), compared with 8.02 million in net profit for 2009.

For the fourth quarter, the Omani bank made a net profit of 1.94 million rials, according to Reuters calculations, a 48 percent decline from a year earlier.

Customer deposits rose 20 percent to 999,135 for the full year and total assets grew to 1.26 million rials from 1.02 a year earlier.

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