MUSCAT: The profits of Omani banks listed on the Muscat Stock Exchange (MSX) jumped to RO 453.5 million in 2023, compared to RO 382.3 million in 2022, recording a growth of 18.6 per cent.
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.
Preliminary financial results showed an increase in the profits of all seven banks listed on MSX. Bank Muscat recorded the highest profits at RO 212.4 million, compared to RO 200.7 million in 2022. Sohar International Bank came in second with RO 70.3 million, compared to RO 34.9 million in 2022. This rise came after Sohar International Banka cquired Bank HSBC Oman in a merger deal announced in 2022 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 Sohar International Bank.
The National Bank of Oman came in third with RO 58 million, recording an increase of 20.3 per cent over the net profits recorded in 2022, which amounted to RO 48.2 million. Bank Dhofar came in fourth after its net profits rose to RO 38.7 million, compared to about RO 34.2 million in 2022. The profits of the Oman Arab Bank increased from about RO 16.2 million to RO 20.5 million. Bank Nizwa, which operates in accordance with Islamic law, recorded growth in its net profits by 13 per cent from RO 15.056 million to RO 17.022 million.
The assets of Omani banks listed on the MSX rose at the end of last year to RO 38.8 billion, compared to RO 33.7 billion at the end of 2022, recording a growth of 14.9 per cent. — ONA
Oman Observer is now on the WhatsApp channel. Click here
