Omani banks' net profits rise 10.6% to over OMR300 million in H1

Omani banks listed on the Muscat Stock Exchange saw their net profits surge by 10.6% in the first half of the year, reaching OMR305.2 million. This significant growth, up from OMR275.9 million in the same period last year, reflects a positive economic climate bolstered by increased credit to individuals and companies. Government and private sector projects, alongside a steady rise in deposits, provided banks with stable funding, enabling expanded lending operations and higher interest income.

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the law applies to all production, trade, and service activities in the Sultanate, and to any economic or commercial activities carried outside the Sultanate that have an impact within it.

Banks actively worked to enhance asset quality, reducing provisions for non-performing loans. They also focused on diversifying income streams, particularly in wealth management, while controlling operating expenses and investing in digital services to cut costs. Preliminary financial results show that all listed banks, except Bank Nizwa, reported increased net profits.

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Bank Muscat emerged as the top performer with profits of OMR137.4 million. Bank Sohar International followed with OMR53 million, and the National Bank of Oman reported OMR39 million. Bank Dhofar and Ahli Bank also posted strong results with OMR27.2 million and OMR25.1 million, respectively. Oman Arab Bank saw its net profits rise from OMR14.6 million to OMR17.6 million.

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Bank Nizwa's performance was an exception, with its net profits declining to approximately OMR5.6 million from OMR9.2 million. This downturn was attributed to a significant increase in provisions for non-performing loans, which offset a 4% rise in operating profits. Despite this, total assets for local banks listed on the Muscat Stock Exchange grew by 16.2% annually, reaching OMR50.1 billion by the end of June.

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