Omani banks’ profits surge to RO 453.5mn in 2023

muscat
muscat

Profits of Omani banks’ rise 18.6% to RO 453.5mn in 2023

Muscat: The profits of Omani banks listed on the Muscat Stock Exchange jumped during the year 2023 to 453.5 million Omani riyals, compared to 382.3 million Omani riyals in 2022, recording a growth of 18.6 percent.

During the past year, the banking sector benefited from many local economic indicators, the rise in economic growth, foreign trade, the volume of investments, the increase in government revenues, and the rise in government spending, which contributed to the recovery of many economic sectors.

The preliminary financial results showed an increase in the profits of all seven banks listed on the stock exchange. Bank Muscat recorded the highest profits at 212.4 million Omani riyals, compared to 200.7 million Omani riyals in 2022, and Bank Sohar International came in second place with 70.3 million Omani riyals, compared to 34.9 million Omani riyals in 2022. This rise came after Bank Sohar acquired Bank HSBC Oman in a merger deal announced in 2022 AD and completed in mid-2023. According to the merger deal, HSBC Bank Oman was dissolved, its shares were cancelled, and all its assets and liabilities were transferred to Bank Sohar International.

The National Bank of Oman came in third place with 58 million Omani riyals, recording an increase of 20.3 percent over the net profits recorded in 2022, which amounted to 48.2 million Omani riyals. Bank Dhofar came in fourth place after its net profits rose to 38.7 million Omani riyals, compared to about RO 34.2 million in 2022, and the net profits of the National Bank rose from about 33.1 million Omani riyals to 36.4 million Omani riyals, and the profits of the Oman Arab Bank increased from about 16.2 million Omani riyals to 20.5 million Omani riyals, and Bank Nizwa, which operates in accordance with Islamic law, recorded growth in Its net profits increased by 13 percent from 15 million and 56 thousand Omani riyals to 17 million and 22 thousand Omani riyals.

The assets of Omani banks listed on the Muscat Stock Exchange rose at the end of last year to 38.8 billion Omani riyals, compared to 33.7 billion Omani riyals at the end of 2022, recording a growth of 14.9 percent.

Bank Muscat topped the list of banks in terms of assets after its assets increased from 12.7 billion Omani riyals to 13.6 billion Omani riyals, and Sohar International Bank came in second place with 6.7 billion Omani riyals compared to 4.1 billion Omani riyals at the end of 2022, and the National Bank of Oman came in second place with 6.7 billion Omani riyals, compared to 4.1 billion Omani riyals at the end of 2022. It ranked third with 4.8 billion Omani riyals, compared to about 4.3 billion Omani riyals at the end of 2022.

The assets of Bank Dhofar also increased from 4.3 billion Omani riyals to about 4.7 billion Omani riyals, the assets of Oman Arab Bank increased from about 3.7 billion Omani riyals to 4 billion Omani riyals, and the assets of the National Bank increased from about 3.1 billion Omani riyals to 3.3 billion Omani riyals. Bank Nizwa’s assets increased from one billion and 486 million Omani riyals to one billion and 610 million Omani riyals.

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