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Omani banks’ net profits soar to $1.17B in 2023, a 18.6% surge

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TLDR: Omani banks’ net profits have increased by 18.6% to reach $1.17 billion in 2023. All seven banks listed on the Muscat Stock Exchange experienced higher profits. Bank Muscat recorded the highest net profit, followed by Sohar International and the National Bank of Oman. The total assets of Omani banks listed on the exchange also saw positive growth, reaching $38.8 billion by the end of 2023.

The banks listed on the Muscat Stock Exchange (MSX) in Oman witnessed a notable increase in net profits in 2023. According to the Oman News Agency (ONA), the combined net profits of these banks reached 453.5 million Omani riyals (OMR) (or $1.17 billion), marking an 18.6 percent growth compared to the previous year’s figure of OMR382.3 million. This positive outcome can be attributed to various favorable local economic indicators throughout 2023, such as economic growth, foreign trade, investment, government revenues, and spending.

An analysis of the preliminary financial results reveals that all seven banks listed on the MSX experienced higher profits. Bank Muscat emerged at the forefront, recording a net profit of OMR212.4 million, surpassing its 2022 figure of OMR200.7 million. Sohar International secured the second position with a net profit of OMR70.3 million, a considerable increase from OMR34.9 million in 2022. The National Bank of Oman followed closely with a net profit of OMR58 million, reflecting a 20.3 percent growth from its 2022 figure of OMR48.2 million.

Furthermore, the total assets of the Omani banks listed on the MSX exhibited positive growth, reaching OMR38.8 billion by the end of 2023. This represents a notable increase of 14.9 percent compared to the OMR33.7 billion recorded at the end of 2022.

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