MSX-listed banks post over OMR 235 million net profits, records 17.5%

Muscat: The net profits of banks listed on the Muscat Stock Exchange (MSX) rose by 17.5% per cent to OMR 235.3 million in the first half of this year of 2023. The assets of the eight banks listed on the stock exchange at the end of last June rose to OMR 39.9 billion, recording a growth of 4.6 percent.

The preliminary financial results showed an increase in the net profits of all banks, in conjunction with the rise of many local economic indicators. Such as the rise in government revenues, the increase in government spending, the rise in exports, and the banking sector’s tendency to finance investment projects, private sector projects, and small and medium enterprises.

Bank Muscat recorded the highest profits at OMR 104.3 million, National Bank of Oman came second with OMR 29.3 million, Sohar International Bank ranked third with OMR 23.6 million, HSBC Bank Oman came fourth with OMR 21 million, Ahli Bank ranked fifth with OMR 19.9 million, and Bank Dhofar sixth with OMR 18.4 million. money, and Oman Arab Bank came seventh with 11.5 million Omani riyals, then Bank Nizwa ranked eighth with 7.2 million Omani riyals.

The eight banks were able to achieve an increase in their net profits in the first half of this year, and Oman Arab Bank recorded the highest growth rate at 64.2 percent, followed by HSBC Bank Oman, whose net profits increased by 50 percent, while the National Bank of Oman recorded a growth in its net profits by 33.1 percent. In the second place with RO 4.6 billion, the National Bank of Oman ranked third with RO 4.4 billion, then Bank Sohar in the fourth place with RO 4.3 billion, while Oman Arab Bank ranked fifth with RO 3.9 billion.

The market value of banks rose at the end of last June to RO 4 billion and 702.3 million, compared to RO 4 billion and 662.9 million last December, and banks acquired by the end of last June 53.2 percent of the total market value of public shareholding companies listed on the stock exchange, amounting to RO 8.8 billion. 3 million Omani riyals, then Bank Sohar ranked third with 495.7 million Omani riyals.