BUSINESS REPORTER
MUSCAT, APRIL 29
The net profits of banks listed on the Muscat Stock Exchange (MSX) increased by 26.2 per cent during Q1 2023 to reach RO 118.5 million compared to RO 93.8 million during the same period last year.
The preliminary financial results of the banks listed on the MSX indicated an increase in profits. Bank Muscat recorded the highest profit with RO 51.3 million, registering an increase of 6.4 per cent compared to RO 48.2 million last year. The National Bank of Oman (NBO) was able to raise its net profits to RO 14.3 million, compared to RO 10.2 million in Q1 2022. Sohar International ranked third, recording net profits of RO 13.3 million for Q1 2023, compared to RO 8.5 million during the same period last year.
HSBC Bank Oman also recorded a growth of 126 per cent after its net profits increased from RO 5.4 million to RO 12.2 million. Oman Arab Bank net profits increased from RO 3.5 million to RO 5.5 million. Bank Nizwa, on the other hand, recorded 5.7 per cent increase in net profits with RO 3.5 million compared to RO 3.3 million in the same period last year.
Banks witnessed growth in most of their financial indicators and preliminary data indicated that the total assets of the eight banks listed on the stock exchange increased by the end of last March to RO 37.6 billion, compared to RO 36.1 billion at the end of March of 2022, recording an increase of 4 per cent.
Bank Muscat has the highest volume of assets at RO 13.79 billion, while Sohar International Bank came in second place with RO 4.632 billion, then Bank Dhofar with assets amounting to RO 4.621 billion, National Bank of Oman ranked fourth with RO 4.4 billion and Oman Arab Bank came in fifth place with RO 3.8 billion.
Meanwhile, the aggregate earnings for the banking sector in Q4 2022 reached RO 76.54 million ($198.8 million). In 2022, the banking sector witnessed net profits growth of 20.7% to reach RO 423.522 million ($1.1 billion).
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