NBK Capital has maintained the fair value of Bank Muscat at OMR 0.62, with a “Buy” recommendation, according to a statement issued by NBK Capital’s research unit.
The statement noted that the bank reported OMR 39.2 million net profit of in the fourth quarter of 2015, up 7% year-on-year but down 16% quarter-on-quarter.
In FY2015, the bank’s net earnings reached OMR 175 million, increasing 8% Y-o-Y; coming in line with NBK Capital’s forecast.
Operating income increased 9% in Q4-15 Y-o-Y, resulting in operating income of OMR 408 million in FY2015, 1.4% higher than NBK Capital’s forecast.
Loans expanded by around 4% in Q4-15, resulting loan growth of 8% in FY2015 (10% in FY2014), noted the statement.
