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Omani banks’ 2023 profits surge 18.6% to RO453mn

27 Jan 2024

Muscat – The combined net profits of Omani banks listed on the Muscat Stock Exchange witnessed a robust growth of 18.6%, reaching RO453.5mn in 2023 compared to the previous year’s RO382.3mn.

According to a report published by Oman News Agency, the banking sector in the sultanate benefited from various positive economic developments in the past year. These included an increase in GDP growth, foreign trade, investment volume, government revenues, and government spending, all of which contributed to the recovery of various economic sectors.

Preliminary financial results of Omani banks revealed a profit increase for all seven banks listed on the Muscat Stock Exchange.

Bank Muscat, the largest banking institution in the sultanate, reported the highest net profit at RO212.4mn for the year 2023, compared to RO200.7mn in 2022. Sohar International Bank secured the second position with a net profit of RO70.3mn in 2023, a notable rise from RO34.9mn net profit posted in 2022. This sharp increase in Sohar International Bank’s 2023 profit can be attributed to its acquisition of HSBC Bank Oman, as announced in 2022 and finalised in mid-2023.

On the other hand, National Bank of Oman (NBO) reported a net profit of RO58mn for 2023, reflecting a 20.3% increase from the previous year’s RO48.2mn. Bank Dhofar’s net profit also witnessed growth, reaching RO38.7mn in 2023 compared to approximately RO34.2mn in the previous year.

Oman Arab Bank’s net profit increased from about RO16.2mn in 2022 to RO20.5mn in 2023, while Bank Nizwa recorded a 13% growth in net profit, rising from RO15.05mn in 2022 to RO17.02mn in 2023.

The total assets of Omani banks listed on the Muscat Stock Exchange rose to RO38.8bn at the end of last year, marking a 14.9% growth from RO33.7bn at the end of 2022.

In terms of assets, Bank Muscat led the list with its assets increasing from RO12.7bn in December 2022 to RO13.6bn in December 2023.

Sohar International Bank secured the second position with assets amounting to RO6.7bn at the end of 2023, compared to RO4.1bn at the end of 2022.

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