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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Omani banks see strong start in 2024

Commercial banks posted net profits aggregating RO 125 million in Q1 2024.
Commercial banks posted net profits aggregating RO 125 million in Q1 2024.
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MUSCAT, APRIL 16


The Omani banking sector is off to a positive start in 2024, according to a report by Vision Capital detailing a rise in key financial metrics across the sector for the first quarter.


The total income for Omani banks grew by 4.8% to reach RO 338 million in Q1 2024, up from RO 325 million a year earlier. This positive trend comes alongside a slight increase in operating expenses of 2.0%, reaching RO 146 million in Q1 2024, up from RO 143 million a year earlier.


Despite the expense increase, operating profit for Omani banks rose by a significant 5.8% to reach RO 192 million, up from RO 182 million in Q1 2023. Year-on-year, net provisions remained flat at 0.9%, reaching RO 44 million in Q1 of this year.


The strong performance translates to a net profit increase of 6.1% to RO 125 million in Q1 2024, up from RO 117 million a year ealier. This growth is further supported by an expansion in lending activity, with net loans growing 3.0% year-on-year, reaching RO 28.6 billion. Customer deposits also saw a significant rise, growing by an impressive 11.9% year-on-year, reaching RO 29.7 billion.


The Vision Capital report paints a picture of a healthy Omani banking sector in the first quarter of 2024. Growth across income, profitability, lending, and deposits suggests a positive outlook for the industry.


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