The net profits of Omani banks decreased by 32.5 percent in the year 2020, compared to the results of the year 2019, according to the financial data of the Sultanate’s banks listed on the Muscat Stock Exchange, following the repercussions of the Coronavirus and the drop in oil prices and its reflection on the banking sector in the Sultanate.
And based on the financial data, bank profits reached 273.1 million riyals ($711.5 million) last year, compared to 404.67 million riyals ($1.05 billion) in 2019.
The profits of 5 banks fell over the past year, led by the National Bank, whose profits fell by 64.7 percent to 18.1 million riyals ($47.16 million). While the profits of Muscat Bank (the largest bank in the country by assets) decreased by 11.9% to 163.36 million riyals ($425.66 million). HSBC Bank Oman recorded the only loss last year, amounting to 8.21 million riyals ($21.39 million).
On the other hand, Nizwa and Dhofar Banks reported annual profit growth of 8.7% and 1.14%, respectively. Nizwa Bank profits amounted to about 11 million riyals ($28.6 million) during the past year, while the profits of "Dhofar" amounted to about 30.6 million riyals ($79.7 million).
Profits of Sohar Bank last year decreased by 41.84 percent to 20 million riyals ($52.1 million), while the profits of "Oman Arabi" fell by 56.5 percent to 14.2 million riyals ($37 million).
Source (Al-Araby Al-Jadeed Newspaper, Edited)
