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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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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters

China's State Administration of Market Regulation issued a statement on Friday saying Alibaba Group had completed three years "rectification" following a fine levied in 2021 for monopolistic behavior.
In 2021, the regulator slapped a record $2.75 billion fine on the e-commerce giant for abusing its market position by forcing merchants on its platforms not to work with rival platforms.
The regulator's statement said Alibaba's rectification work had achieved "good results" and that it would continue to "guide" Alibaba to continue to "regulate its operations and improve its compliance and quality."
The fine levied on Alibaba in 2021 came during a period of intense scrutiny for the business empire founded by billionaire Jack Ma, Reuters reported. A $37 billion IPO by the finance arm he founded, Ant Group, was also scuttled following Ma's public critique of the country's regulatory system in late 2020.
Alibaba, in its own statement, described the regulator's announcement on Friday as a "new starting point for development" and said it would continue to "promote the healthy development of the platform economy and create more value for society."