Muscat – Omani banks listed on the Muscat Stock Exchange (MSX) posted a 15.2% year-on-year increase in net profits for 2024, reaching RO522.6mn, compared to RO453.5mn in 2023.

The profitability boost is attributed to Oman’s economic growth and the improved performance of several key sectors, which bolstered banks’ earnings as they increased financing for both economic projects and individuals.

According to financial statements released by the banks, all seven listed institutions reported higher profits for the year. Bank Muscat led the pack, recording the largest profit at RO225.5mn, up from RO212.4mn in 2023, the Oman News Agency reported.

Sohar International Bank followed with a net profit of RO100.2mn, a notable increase from RO70.3mn in 2023. National Bank of Oman posted a profit of RO63mn, while Bank Dhofar reported RO43.6mn in net earnings. Other banks included Ahlibank at RO41.6mn, Oman Arab Bank at RO30.4mn, and Bank Nizwa at RO18.1mn.

Total assets reach RO41.6bn

In terms of total assets, the seven listed banks saw a 7.3% increase year-on-year, reaching RO41.6bn by December 2024, up from RO38.8bn in 2023. Bank Muscat again led the sector with total assets of RO14.04bn.

Sohar International Bank followed with assets of RO7.3bn, while the National Bank of Oman had RO5.2bn in assets. Bank Dhofar ranked fourth with approximately RO5.1bn, and Oman Arab Bank placed fifth with RO4.3bn. Ahlibank’s assets totaled RO3.7bn, and Bank Nizwa’s assets stood at RO1.886bn.

Omani banking stocks performed well in 2024, with shares of five banks rising. Sohar International Bank saw the largest increase, with its share price climbing 37%.

Oman Arab Bank shares gained 8.4%, while Ahlibank and the National Bank of Oman both saw increases of 5.7%. Bank Nizwa’s shares rose 1%. Conversely, Bank Muscat’s shares fell 4.5%, and Bank Dhofar’s shares dropped 2.5%.

Banking stocks accounted for 26.2% of total trading value on the Muscat Stock Exchange, reaching a total turnover of RO305.5mn. However, overall trading value for banking stocks fell by 31.6% compared to 2023, when the sector recorded RO447.1mn in trades.

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