Omani bank's results disappoint analysts - The National

Oman's second-biggest bank disappointed analysts yesterday after it reported a 58 per cent drop in full-year profit amid higher expenses.

BankDhofar's net profit dropped to 13.98 million Omani rials for 2011, compared with 33.28m rials in the year earlier. A consensus of analysts polled by Bloomberg News expected the Omani lender to report a profit of 26.75m riyals.

Operating expenses rose 15 per cent to 33.4m rials as a result of the bank's ongoing legal battle with one of its main rivals, Oman International Bank (OIB). Bank Dhofar has put funding aside to comply with a court decision.

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