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Bank Muscat posts 19% profit climb

Oman's largest lender by market value, Bank Muscat has said its second-quarter net profit jumped 19%, beating analysts' forecasts, Reuters has reported. The bank made a net profit of OR35m ($90.9m) for the three months to June 30, compared with OR29.4m in the same period last year. This also compares with analysts' estimate of OR33.2m for the quarter. Loans and advances rose 21% year-on-year to OR5.18bn, and customer deposits increased 16.3%, largely driven by demand and saving deposits, the lender said.