MUSCAT, OMAN – Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million) in 2023, up 18.6 percent from US$992 million (RO382.3 million) in 2022.
According to the Oman News Agency, the banking sector benefited from several local economic indicators in 2023, including economic growth, foreign trade, investment, government revenues, and spending.
These factors contributed to the recovery of several economic sectors.
The preliminary financial results showed that all seven banks listed on MSX posted higher profits.
Bank Muscat topped the list with US$551 million (RO212.4 million), up from US$521 million (RO200.7 million) in 2022.
Sohar International came in second with US$182 million (RO70.3 million), up from US$90 million (RO34.9 million) in 2022.
National Bank of Oman followed with US$150 million (RO58 million), up 20.3 percent from US$125 million (RO48.2 million) in 2022.
The total assets of Omani banks listed on MSX rose to US$100 billion (RO38.8 billion) at the end of 2023, up 14.9 percent from US$87.5 billion (RO33.7 billion) at the end of 2022.
