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BofA Merrill upgrades Bank Muscat

Bank of America Merrill Lynch has upgraded to 'buy' from 'neutral' the stock of Bank Muscat as loan growth is likely to gain momentum this year and reach a sustainable 13% from 2012 onwards, driven by a pick-up in corporate credit activity, Reuters has reported. The brokerage said the bank's non-performing loans and provisioning charges are expected to peak in the second half of this year partly, as corporate asset quality deterioration is now relatively contained in Oman.