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

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