DUBAI, April 14 (Reuters) - Bank Muscat, Oman’s largest lender, posted a 1.1 percent increase in first-quarter net profit on Thursday, according to a bourse statement, on the back of rising income from loans, fees and commission. The bank made a profit of 43.8 million rials ($113.8 million) in the three-month period ending Mar. 31, up from 43.3 million rials a year earlier. EFG Hermes forecast the bank would make a quarterly profit of 45.24 million rials, while Gulf Baader Capital Markets forecast a profit of 42.80 million rials over the same period. Net interest income and non-interest income both jumped by 10.5 percent over the period, rising to 68.04 million rials and 40 million rials, respectively. Loans and advances rose 6.9 percent year on year to stand at 6.92 billion rials on Mar. 31, while deposits increased 7 percent over the same timeframe to 6.97 billion rials. Bank Muscat said Apr. 5 that it had received all regulatory approvals to open a representative office in Iran, making it one of the first foreign financial firms to establish a presence in the country since the international sanctions, imposed over Tehran’s disputed nuclear programme, were lifted in January. The lender is speaking to a small group of banks about raising a three-year loan worth as much as $300 million, sources told Reuters on Mar. 22. ($1 = 0.3850 Omani rials) (Reporting By Tom Arnold and Hadeel Al Sayegh; Editing by David French)
Bank Muscat - 1Q16 net profit of OMR 43.8m ($113.8m), up 1.1% YoY, on the back of rising income from loans, commission and fees.