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Bank Muscat reports lower quarterly profit

Bank Muscat has reported said its net profit for the nine-month period ending September 30 fell to OR102.51m, compared with OR104.19m a year ago, Oman Daily Observer has reported. An exceptional operating loss provision of OR15m relating to the Prepaid Travel Card fraud incident, as disclosed to the market on February 25 and 26, 2013, was considered in the first quarter of this year. Bank Muscat is working on various channels to recover the loss arising from this exposure, the lender said.