Omani banks’ 2023 profits surge 18.6% to RO453mn

Omani banks’ 2023 profits surge 18.6% to RO453mn

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 […]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