Record-Breaking Profits for Omani Banks in 2024: $1.36 Billion

According to a report released on January 19, 2025, seven Omani banks listed on the Muscat Stock Exchange achieved record-breaking financial performance in 2024. Their combined net profit reached RO522.4 million (approximately $1.36 billion), reflecting a 21.9% increase compared to 2023 (RO453 million or approximately $1.18 billion).

Key Factors Driving Profit Growth

1. Increase in operational income driven by higher net interest income and Islamic financing revenue.
2. Successful bank mergers, such as the merger between Sohar International Bank and HSBC Oman.
3. Growth in loans, deposits, and investments in technology and human resources.
4. Improved risk management and reduced credit losses.

Top Bank Performances

Sohar International Bank:

• Net Profit: RO100.2 million (around $260.5 million); 42% growth compared to 2023.
• Operational Income: Increased by 50% to RO245 million (around $637.7 million).
• Total Assets: RO7.3 billion (around $19 billion); 10% increase.

Bank Muscat:

• Net Profit: RO225.58 million (around $586.5 million); 6.2% growth.
• Net Interest Income and Islamic Financing Revenue: RO397.7 million (around $1.03 billion); 6.1% growth.
• Loan Portfolio: Increased by 3.7% to RO10.247 billion (around $26.6 billion).

Bank Nizwa:

• Net Profit: RO18.1 million (around $47 million); 6% growth.
• Total Assets: RO1.8 billion (around $4.68 billion); 17% increase.
• Sukuk Issuance: RO9.9 thousand (around $25.7 thousand) to support growth.

National Bank of Oman:

• Net Profit: RO63 million (around $163.8 million); 8.7% growth.
• Total Assets: RO5.2 billion (around $13.8 billion); 8.7% increase.

Bank Dhofar:

• Net Profit: RO43.61 million (around $113.4 million); 12.52% growth.
• Total Assets: Over RO5 billion (around $13.3 billion); 8.6% increase.

Oman Arab Bank:

• Net Profit: RO30.4 million (around $79 million); 48.1% growth.
• Operational Income: RO126.4 million (around $328.5 million); 5.2% growth.

Ahli Bank:

• Net Profit: RO41.6 million (around $108 million); 14.3% growth.
• Loans and Financing Portfolio: Over RO3 billion (around $7.8 billion); 12.2% growth.

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Conclusion

The exceptional performance of Omani banks in 2024 underscores sustainable growth and efficient resource management. Investments in modern technologies, human resources, and strategic mergers have played a pivotal role in boosting the banks’ profitability and efficiency.