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Profits of Omani Banks Rise 20%

Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits
Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits
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Profits of Omani Banks Rise 20%

Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits
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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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.