The net profits of Omani local banks, listed on the Muscat Stock Exchange, jumped last year to 409 million Omani riyals, compared to 338.9 million Omani riyals in 2021, an increase of 20.6 percent. The preliminary financial statements, announced by the six banks listed on the Muscat Stock Exchange, showed an increase in the profits of all banks and the rise of their various financial indicators, which reflects the state of recovery of the Omani economy from the Corona pandemic. It also reflects the government's efforts to mitigate the effects of the pandemic on various economic activities, and the efforts made by banks to diversify their lending and financing portfolios and their contributions to financing projects implemented by the government and the private sector.
Bank Muscat recorded the highest profit at OMR 200.7 million, compared to OMR 189.6 million in 2021.
The assets of the six banks increased by the end of last year to RO 35,990 billion, registering an increase of about RO 90 million over their level at the end of 2021. All banks recorded an increase in their total assets over the past year. Bank Muscat accounted for 49 percent of the total net profits recorded by banks during the past year. It also accounted for 35.4 percent of the total assets of the six banks listed on the Muscat Stock Exchange, which are the National Bank, Al Ahli Bank, HSBC Oman, Oman Arab Bank, and Nizwa.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
