Earnings rise 24% Q-o-Q; ahead of estimates. Bank Dhofar reported 4Q2015 net income of OMR13.4 million, 24% higher Q-o-Q and 16% ahead of our estimates of OMR11.6 million.   Our view on the results: Earnings beat was driven by a sharp fall in provisioning costs, which declined by 31% Q-o-Q. We suspect that the bank has continued to see strong recoveries on previously classified NPLs, which led to a decline net credit costs. Balance sheet growth remained strong, though growth momentum was slower than in the first three quarters of 2015.   We have a Neutral rating on Bank Dhofar. We expect loan growth to slow in 2016, and expect funding costs to rise, putting pressure on net interest spreads. Main positives: loan growth (+3.5% Q-o-Q) and lower provisions (-31% Q-o-Q). Main negatives: sluggish revenue growth (+3% Q-o-Q)