GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,040 1.47
Med Cap3,813 1.12
Small Cap4,857 0.75
Micro Cap8,140 0.78

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Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
DAMAC 3.04 4,480,836
EMIRATESNBD 8 953,900
DSI 0.38 56,023,969
RIBL 10.94 4,342,308

Bank Muscat

Source: Oman Arab Bank

Bank Muscat

Despite of sluggish sequential growth in interest earning assets, Bank Muscat was able to sustain its previous quarter’s net interest income level in Q3’09 at RO 43.4mn, owing to stable spreads. In Q3’09, total operating income was the victim of declining fee based income, but lower losses from associates and absence of additional provisioning for Saudi exposure compared to Q2’09 helped the bank to report RO 20mn net profit (-38% y-o-y; +66.4% q-o-q).

Although, we feel that the concern about loan book quality deterioration and dwindling performance of associates still prevails in near-term, but reviving macro economic backdrop provides healthy growth environment for longer-term. We thus revise our target price upwards from RO 0.910 to RO 1.120 per share (with an upside potential of 29.4%) and we upgrade our rating on Bank Muscat from HOLD to BUY.

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