Omani banks’ profits jump to OMR453.5mn in 2023

Muscat: The profits of Omani banks listed on the Muscat Stock Exchange (MSX) jumped by 18.6 percent in 2023 to reach OMR453.5 million compared to OMR 382.3 million in 2022.

Oman's banking sector benefited from many local economic indicators, rise in economic growth, foreign trade, volume of investments, increase in government revenues, and the increase in government spending, which contributed to the recovery of many sectors, last year.

The preliminary financial results showed an increase in the profits of all seven banks listed on the MSX. Bank Muscat recorded the highest profits at OMR212.4 million in 2023 compared to OMR200.7 million in 2022.

Sohar International Bank came in second place with a profit of OMR 70.3 million in 2023 compared to OMR34.9 million in 2022. This rise came after Bank Sohar acquired HSBC Oman in a merger deal announced in 2022 and completed in mid-2023. Under the merger deal, HSBC Bank Oman was dissolved, its shares were cancelled and all its assets and liabilities were transferred to Bank Sohar International.

The National Bank of Oman (NBO) came in third place with its profit increasing by 20.3 percent to OMR58 million in 2023 compared to OMR48.2 million profit in 2022.

Bank Dhofar came in fourth place after its profits rose to OMR38.7 million in 2023 compared to OMR34.2 million in 2022.

The profits of the ahlibank increased to OMR 36.4 million in 2023 from OMR33.1 million in 2022, while the profit of the Oman Arab Bank increased to OMR 20.5 million in 2023 from about OMR16.2 million, and Bank Nizwa, which operates in accordance with Islamic law, recorded a growth in its profits by 13 percent from to OMR17.2 million in 2023 from OMR15.5 million recorded in 2022.

The assets of Omani banks listed on the Muscat Stock Exchange rose to OMR38.8 billion in 2023 compared to OMR33.7 billion at the end of 2022, recording a growth of 14.9 percent.

Bank Muscat topped the list of banks in terms of assets after its assets increased from OMR12.7 billion in 2022 to OMR13.6 billion in 2023, Sohar International Bank came in second place with its assets rising to OMR 6.7 billion in 2023 compared to OMR4.1 billion at the end of 2022. The National Bank of Oman was ranked third with its assets at OMR4.8 billion in 2023 compared to OMR4.3 billion at the end of 2022.

The assets of BankDhofar also increased from to OMR 4.7 billion at the end of 2023 to OMR4.3 billion while the assets of Oman Arab Bank increased from about OMR3.7 billion in 2022 to OMR4 billion in 2023. The assets of the National Bank increased from about OMR3.1 billion in 2022 to OMR3.3 billion in 2023 and Bank Nizwa's assets increased from OMR1.4 billion in 2022 to OMR1.6 billion in 2023. - ONA