MUSCAT: Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of RO453.5 million in 2023, up 18.6 percent from RO382.3 million in 2022.

According to the Oman News Agency, the banking sector benefited from several local economic indicators in 2023, including economic growth, foreign trade, investment, government revenues, and spending. These factors contributed to the recovery of several economic sectors.

The preliminary financial results showed that all seven banks listed on MSX posted higher profits. Bank Muscat topped the list with RO212.4 million, up from RO200.7 million in 2022. Sohar International came in second with RO70.3 million, up from RO34.9 million in 2022. National Bank of Oman followed with RO58 million, up 20.3 percent from RO48.2 million in 2022.

The total assets of Omani banks listed on MSX rose to RO38.8 billion at the end of 2023, up 14.9 percent from RO33.7 billion at the end of 2022.

Source: Emirates News Agency