MUSCAT: The net profits of local banks listed at the Muscat Stock Exchange (MSX) during the first half of this year rise to RO 235.3 million, recording a growth of 17.5 per cent. The assets of the eight banks listed on the stock exchange at the end June rose to RO 39.9 billion, recording a growth of 4.6 per cent.
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 rise in government revenues, increase in government spending, rise in exports, and the banking sector’s tendency to finance investment projects, private sector projects and SMEs projects.
Bank Muscat recorded the highest profits at RO 104.3 million, National Bank of Oman came second with RO 29.3 million, Sohar International Bank ranked third with RO 23.6 million, HSBC Bank Oman came fourth with RO 21 million, Ahli Bank ranked fifth with RO 19.9 million, and Bank Dhofar sixth with RO 18.4 million and Oman Arab Bank came seventh with RO 11.5 million, then Bank Nizwa ranked eighth with RO 7.2 million.
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 per cent, followed by HSBC Bank Oman, whose net profits increased by 50 per cent, while the National Bank of Oman recorded a growth in its net profits by 33.1 per cent.
Most banks recorded growth in their total assets, with Muscat holding the highest volume of assets at RO 13.3 billion. Bank Dhofar ranked second with RO 4.6 billion, the National Bank of Oman ranked third with RO 4.4 billion, Sohar International Bank ranked fourth with RO 4.3 billion, while Oman Arab Bank ranked fifth with RO 3.9 billion. The market value of banks rose by the end of last June to RO 4.702 billion, compared to RO 4.662 billion last December. At the end of last June, banks acquired 53.2 per cent of the total market value of public joint-stock companies listed on the stock exchange, amounting to RO 8.8 billion. Bank Muscat leads the banks in terms of market capitalisation with more than RO 2.71 billion, Bank Dhofar ranked second with RO 518.3 million, then Sohar International Bank in third place with RO 495.7 million. — ONA
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