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IndexLevelChg%
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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GFH 0.46 3,578,848
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Bank Muscat

Source: Gulf Baader Capital Markets

FY2010 - Credit Growth of 10-12%

• Expects Oman Banking Industry credit growth of 10-12% for FY2010 and the bank is also looking at the similar level of growth rates. In line with this, GBCM Research has estimated Bank Muscat to report credit growth of 11% for the current fiscal year.

• Strong appetite for Project Finance lending in Oman and the bank is planning to continue its focus on the corporate sector catering to various sectors, which includes Power, Hydrocarbon, telecom etc.

• Primary Drivers for credit growth in Oman for FY2010 would be from the Government project spending (Airports, Roads & Other infrastructure activities) and also the expected closure of two major power projects (Barka III and Sohar II) in Oman

• Fee Income growth is expected to be stronger in FY2010, almost in similar lines to the credit growth. (Refer – GBCM Research: Bank Muscat - FY09 Earnings First Cut published on 26 Jan 2010)

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