MSX-listed banks' net profits grow 17.5%

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Muscat: Local banks listed on the Muscat Stock Exchange (MSX) during the first half of this year recorded record results, with net profits rising to OMR235.30 million, recording a growth of 17.5 percent.

The assets of the eight banks listed on the stock exchange at the end of last June rose to OMR39.90 billion, recording a growth of 4.6 percent.

The preliminary financial results showed an increase in the net profits of all banks, in conjunction with the rise of many local economic indicators. Such as the rise in government revenues, the increase in government spending, the rise in exports, and the banking sector’s tendency to finance investment projects, private sector projects, and small and medium enterprises.

Bank Muscat recorded the highest profits at OMR104.30 million, National Bank of Oman (NBO) came second with OMR29.30 million, Sohar International Bank ranked third with OMR23.60 million, HSBC Bank Oman came fourth with OMR 21 million, Ahli Bank ranked fifth with OMR 19.90 million, and Bank Dhofar sixth with OMR 18.40 million, Oman Arab Bank (OAB) came seventh with OMR11.50 million and Bank Nizwa ranked eighth with OMR7.20 million.

The eight banks were able to achieve an increase in their net profits in the first half of this year, and Oman Arab Bank (OAB) recorded the highest growth rate at 64.2 percent, followed by HSBC Bank Oman, whose net profits increased by 50 percent, while the National Bank of Oman (NBO) recorded a growth in its net profits by 33.1 percent. The National Bank of Oman (NBO) ranked third with net profits of OMR4.4 billion, Bank Sohar with OMR4.3 billion and Oman Arab Bank reported a net profit of OMR3.9 billion.

The market value of banks rose at the end of last June to OMR4.70 billion compared to OMR4.66 billion last December.