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Profits of Omani Banks Rise 20%

Profits of Omani Banks Rise 20%

Sunday, 22 January, 2023 - 05:45
Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits

Total net profits of Omani banks listed on the Muscat Stock Exchange (MSX) jumped by 20.6 percent to RO409mn in 2022 as compared to RO338.9mn profits reported in 2021.


Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits of all the banks, according to a Oman News Agency report.


The sharp rise in such profits reflects the state of recovery of the Omani economy from the Covid-19 pandemic as well as the government’s efforts to mitigate the effects of the pandemic on various economic activities.


The banks’ improved financial results also reflect 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 posted the highest profit at RO200.7mn in 2022 compared to RO189.6mn in the previous year.


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