Bank Muscat’s second quarter profit up 22 per cent

Bank Muscat, Oman’s largest lender, posted a 22.3 per cent increase in its second-quarter net profit on Thursday, beating analysts’ estimates as it booked a one-off gain from the merger of its Bahraini affiliate.

The bank made a quarterly profit of 46.6 million rials ($121 million) in the three months to June 30 compared to 38.1 million rials in the corresponding period of 2013, according to Reuters calculations based on financial statements.

Six analysts polled by Reuters had, on average, forecast a second-quarter profit of 38.9 million rials. Helping to boost its earnings was a 9.48 million rial investment gain it booked from the merger between Bahraini lenders Al Salam Bank and BMI Bank, in which Bank Muscat had owned 49 per cent prior to the tie-up.