April 13, 2017 / 7:01 AM / 3 months ago

Bank Muscat Q1 net profit edges up 1.1 percent

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DUBAI, April 13 (Reuters) - Bank Muscat, Oman's largest lender, posted a 1.1 percent increase in first-quarter net profit on Thursday as net interest income and income from Islamic financing rose.

Net profit rose to 44.2 million rials ($114.8 million) for the quarter to March 31, up from 43.8 million a year earlier.

Gulf Baader Capital Markets had forecast a profit of 41.6 million rials, while EFG Hermes expected 45.7 million.

Net loans and advances rose 2.7 percent to 7.10 billion rials while deposits fell 0.8 percent to 7.59 billion rials.

Net interest income rose 1.5 percent while income from Islamic financing climbed 8.2 percent.

$1 = 0.3850 Omani rials Reporting by Tom Arnold; editing by Jason Neely

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