Profit of Omani banks hikes 12% in Q3

Net profits of 8 banks amounted to $250.8mln in Q3-18

Mubasher: Profits of banks operating in Oman and listed on the Muscat Securities Market (MSM) witnessed an 11.55% year-on-year increase for the third quarter of 2018.

Net profits of eight lenders amounted to OMR 96.59 million in Q3-18, compared to OMR 86.59 million in Q3-17.

For the first nine months of 2018, profits went up 12.99% to OMR 283.79 million, from OMR 251.15 million in the same period of the previous year.

The eight banks comprise of Ahli Bank, Bank Dhofar, Al Izz Al Islami Bank, Bank Muscat, Bank Nizwa, Bank Sohar, HSBC Oman, and National Bank of Oman.

Bank Muscat acquired the majority of profits with OMR 45.04 million during the three-month period ended September, and OMR 134.74 million from the total nine-month profits.

Meanwhile, National Bank of Oman (NBOB) ranked the second acquiring profits of OMR 12.7 million in Q3-17.

Positive profits

Six operating banks of the total achieved positive results during Q3-18 topped by Bank Nizwa’s profits, which hiked 92.08%, followed by HSBC Oman and NBOB with 74.55% and 51.19%, respectively.

9M profits

Omani lenders achieved positive financial results during the period between January and September topped by Bank Nizwa, which grew 97.4%, followed by the increase of HSBC Oman, Bank Sohar, and NBOB with 82.48%, 15.62%, and 10.43%, respectively.

Translated by: Kholoud Mohamed Hussein

Source: Mubasher Exclusive

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