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Large Cap4,019 -0.10
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Ticker Price Volume
GFH 0.5 1,361,733
BKSB 0.14 70,617
DANA 0.62 13,288,208
DAMAC 3.85 372,716
DSI 0.39 34,049,322
ALINMA 16.47 22,194,374
SABIC 98.09 2,208,800

Bank Muscat

Source: Taib Bank

Quarterly Result Update

Bank Muscat (BKMB) reported total operating income of OMR 76.34 million during 1Q11, up 23.7% from OMR 61.68 million in 1Q10.
Net profit rose 13.7% YoY to OMR 27.85 million, driven by strong operating income.
We have maintained our FY2011E operating income estimates. However, our net profit estimate now stands 23.9% lower, factoring in higher impairment for credit losses and operating expenses.
We are revising our earlier OVERWEIGHT recommendation on BKMB to NEUTRAL with a revised target price of OMR 0.800, implying an upside of 9.1%.

Net Profit
Net profit rose 13.7% to OMR 27.85 million from OMR 24.47 million in 1Q10. However, adjusted annualised EPS was OMR 0.072 versus OMR 0.073 in the earlier year quarter, due to earrings dilution from the 15% bonus issue.

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