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Bank Muscat, Oman’s largest commercial bank, reported a net profit of OR 39.2 million in the fourth quarter of 2015 and OR 175m for the year as a whole, 8 per cent up on the figure for 2014.
NBK Capital said in a comment on the bank’s results that higher than expected net-interest margins, strong loan growth and stable deposits are among the key positives of Bank Muscat’s performance.
“Bank Muscat is cheap, trading at 0.6x 2016F,” NBK Capital said. “ We maintain Bank Muscat’s fair value per share at OR 0.62 and our buy recommendation on the stock.”