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Bank Muscat gets regulatory approval to invest up to RO150mn in GCC banks

15 Jan 2024 By GULAM ALI KHAN

Muscat – Bank Muscat announced on Monday that it has obtained regulatory approval to establish a strategic investment portfolio and invest in the listed banks in GCC countries.

‘Bank Muscat wishes to inform the market that it has received in-principal approval from the Central Bank of Oman to set up a wholly-owned Strategic Investment Portfolio (SIP) and invest up to RO150mn,’ the bank stated in a disclosure to the Muscat Stock Exchange.

This investment portfolio is part of Bank Muscat’s enterprise growth strategy, focusing on business and revenue diversification to create enhanced shareholder value, the bank said.

‘As per the mandate of this portfolio, the bank will invest in various listed banks in the GCC with the aim of benefiting from the general growth trajectory of the GCC banking sector,’ Bank Muscat added.

The bank also mentioned its intent to gradually build this portfolio over the next few years, depending on opportunities available in the market.

On Sunday, Bank Muscat reported a net profit of RO212.45mn for the year 2023, compared to RO200.75mn reported during the same period in 2022, reflecting an increase of 5.8%.

The bank’s net loans and advances, including Islamic financing receivables, increased by 4.9% to RO9.877bn at the end of 2023, compared to RO9.417bn as of December 31, 2022. Customer deposits, including Islamic customer deposits, increased by 9.1% to RO9.438bn, compared to RO8.647bn as of December 31, 2022.

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