Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of RO453.5 million in 2023, an 18.6% increase from 2022, when they recorded a profit of RO382.3 million.
The preliminary financial results showed that all seven banks listed on MSX posted higher profits compared to the previous financial year. The top three banks by profits were the following:
- Bank Muscat, with net profits of RO212.4 million, up from RO200.7 million in 2022.
- Sohar International, recorded profits of RO70.3 million, up from RO34.9 million in 2022.
- National Bank of Oman followed with RO58 million, up 20.3% from RO48.2 million in 2022.
According to the Oman News Agency, the banking sector benefited from several local economic indicators in 2023, including economic growth, foreign trade, investment, government revenues, and spending.
In its latest Article IV Consultation with Oman, published last week, the International Monetary Fund (IMF) projected real GDP growth of 1.4% in 2024. Standard Chartered has said it expects that Oman’s continued improvements in fiscal performance, de-leveraging and commitment to reform could see the sultanate’s rating rebound “as early as 2024”.
The total assets of Omani banks listed on MSX rose to RO38.8 billion at the end of 2023, up 14.9% from RO33.7 billion at the end of 2022.
