MSX: Profits of Oman’s Listed Banks Rise to RO 144 Million in Q1 2026

Bank Muscat Leads Growth as Oman Banks Boost Q1 Earnings

Muscat:  Net profits of local banks listed on the Muscat Stock Exchange increased to RO 144.3 million in the first quarter of 2026, compared to RO 130.9 million during the corresponding period in 2025, registering a growth of 10.2 percent.

Banks recorded improved earnings during the first quarter, supported by higher government spending, stronger economic performance, expanded financing for government and private sector projects, increased support for small and medium enterprises, and growth in deposit volumes.

Banks also continued efforts to improve banking service efficiency, expand electronic banking services, diversify revenue sources, enhance asset quality, and reduce non-performing loans.

All listed banks posted higher net profits except Bank Nizwa, whose profits declined to RO 2.6 million, compared to RO 4.5 million in the same period last year.

Bank Muscat topped the list of banks with the highest net profits, which exceeded RO 63.9 million, compared to RO 58.5 million in the first quarter of 2025.

Bank Sohar International recorded a 21 percent increase in net profits, reaching RO 26.1 million, compared to RO 21.4 million during the corresponding period last year.

National Bank of Oman posted net profits of RO 19.4 million, followed by Bank Dhofar with RO 13.2 million, Ahli Bank with RO 10.8 million, and Oman Arab Bank with RO 8.2 million.

Financial statements issued by the banks showed that total assets increased by 13 percent by the end of March 2026 to RO 47.7 billion, compared to RO 42.2 billion in March 2025. Shareholders’ equity rose by 16.4 percent from RO 6.1 billion to around RO 7.1 billion.

Bank Muscat accounted for 32 percent of the total assets of banks listed on the Muscat Stock Exchange. Its assets increased by around 7 percent to RO 15.3 billion by the end of March 2026, compared to RO 14.3 billion during the same period last year.

Bank Sohar International ranked second with assets of RO 9.6 billion, while National Bank of Oman came third with RO 5.9 billion.

During the current year, several banks announced plans to enhance operational efficiency, improve services, strengthen performance, and increase contributions to the national economy.

Extraordinary general meetings of shareholders approved several capital increase plans during the first quarter of 2026.

Bank Muscat approved increasing its authorised capital from RO 800 million to RO 1.2 billion, while Bank Dhofar approved plans to raise its capital to RO 500 million over the next five years.

Bank Nizwa approved a proposal to establish a RO 60 million Mudaraba Sukuk issuance programme through four issuances valued at RO 15 million each.

Shareholders of Bank Sohar International approved the issuance of Tier 1 mandatory convertible bonds worth up to approximately 259.5 million bonds at an issuance price of 102 baisas per bond, subject to regulatory approvals.

Banks also distributed dividends during the first quarter of the year. Bank Muscat distributed cash dividends of 18 baisas per share, while Ahli Bank distributed cash dividends and mandatory convertible bonds valued at 6 baisas each per share.

National Bank of Oman distributed cash dividends of 10.5 baisas per share, while Bank Dhofar approved cash dividends of 7.5 baisas per share. Oman Arab Bank distributed 5 baisas per share, Bank Nizwa distributed cash dividends of 2.7 baisas per share alongside free Mudaraba certificates, and Bank Sohar International distributed 4 baisas per share.

The positive financial results contributed to an increase in the market value of listed banks, which rose by the end of April 2026 to RO 7.729 billion, recording gains of around RO 2 billion compared to the end of 2025.