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Muscat – The combined net profits of Omani banks listed on the Muscat Stock Exchange (MSX) grew by 13.5 per cent to RO308mn in the first nine months of 2022 as compared to RO271.2mn recorded in the same period of last year.
The preliminary financial results of eight banks listed on MSX indicated an improvement in their various financial indicators with the banks focusing on financing productive sectors of the economy, according to a report published by Oman News Agency on Saturday.
Omani banks focused on increasing their revenues from interest income, Islamic banking, various financing activities and investments, bringing their total revenues to RO930.8mn for the first nine months of 2022 compared to RO863.1mn in the same period of 2021.
The preliminary financial results showed that the total banking sector assets increased to RO36.2bn at the end of September 2022 from RO35.4bn recorded a year ago.
As per the report, most of the listed banks recorded growth in their net profits this year with the exception of BankDhofar and Oman Arab Bank (OAB). BankDhofar’s net profit decreased to RO26.1mn in the first nine months of 2022 from RO28.2mn in the same period of 2021, while OAB’s net profit fell to RO10.6mn this year from RO11.3mn in the same period of last year.
Bank Muscat recorded the highest net profit of RO148.3mn for the nine months period, followed by National Bank of Oman with RO35.5mn net profit.
Sohar International Bank and Ahlibank reported net profits of RO28.1mn and RO25mn for the first nine months of 2022, respectively. HSBC Bank Oman posted a net profit of RO23.6mn and Bank Nizwa reported RO10.7mn.
Total market capitalisation of the listed banks at MSX grew by RO795mn to reach at RO4.484bn as of the end of September 2022 compared with RO3.688bn a year ago. These gains mainly came as a result of increase in the shares of Bank Muscat, National Bank of Oman, HSBC Bank Oman, BankDhofar and Ahlibank.
Banks’ market capitalisation also benefited from the increase in the capital of Sohar International Bank and Bank Muscat. Sohar International increased its capital from RO295.3mn to RO455.3mn through the rights issue, while Bank Muscat raised its capital from RO357.4mn to RO375.3mn through distributing bonus shares to the shareholders.
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