Muscat: The net profits of banks listed on the Muscat Stock Exchange (MSX) rose in the first nine months of this year to OMR455 million, recording an increase of 8.1 percent compared to the same period last year, which amounted to OMR420.6 million.
The preliminary financial results announced by the banks on the Muscat Stock Exchange website indicated growth in most of the financial indicators of the seven banks listed on the exchange, benefiting from the expansion in financing development projects, private sector projects, small and medium enterprises, and loans provided to individuals, which led to an increase in revenues. The efficiency of risk management, the decline in provisions, and the banks’ trend towards developing electronic banking services and expanding the customer base also reflected positively on the performance of the banking sector and pushed profits upward.
Bank Muscat recorded the highest profits at OMR209.1 million, compared to OMR191.5 million in the same period last year. Bank Sohar International reported net profits of OMR77.6 million, compared to OMR 70.7 million in the same period last year. National Bank of Oman (NBO) posted net profits of OMR57.5 million, compared to OMR 51.7 million in the same period last year. Bank Dhofar's net profits rose from OMR36 million to OMR38.8 million and Ahli Bank recorded growth of 12.5 percent, with its net profits rising from OMR32.4 million to OMR36.5 million.
Oman Arab Bank consolidated net profit rose from OMR23.3 million to OMR28.1 million. Bank Nizwa recorded a 52 percent decline in its net profit, falling to OMR7 million compared to OMR14.8 million in the same period last year, affected by an increase in provisions from about OMR6.2 million to OMR13.6 million, an increase in operating expenses from OMR20.8 million to OMR23.8 million, and a decline in operating profit from OMR23.3 million to OMR21.5 million.
In the first nine months of this year, the seven banks listed on the Muscat Stock Exchange took several steps to strengthen the banking sector through strategic partnerships, increasing capital and shareholders' equity, improving asset quality, and expanding locally and internationally. Bank Muscat's Extraordinary General Assembly approved increasing the bank's authorised capital from OMR800 million to OMR1.2 billion. Bank Sohar International offered more than one billion shares to exercise its pre-emptive right to increase the bank's capital from OMR702.5 million to approximately OMR850 million. Bank Sohar also opened a representative office in the Hong Kong Special Administrative Region as part of its strategy to expand into Asian markets, following the bank's expansion into GCC markets through the opening of its branch in Riyadh, Saudi Arabia in 2023.
During the current year, Bank Nizwa submitted a non-binding letter of intent to the Board of Directors of Oman Arab Bank, including a proposal for a merger by incorporating Alizz Islamic Bank into Bank Nizwa. Bank Nizwa has obtained preliminary approval from the Central Bank of Oman (CBO) to commence a comprehensive due diligence process to assess the feasibility of the merger.
The consolidated financial data of the seven banks indicated that total assets at the end of last September rose to about OMR50.2 billion, compared to OMR44.1 billion in September of 2025, registering an increase of 13.7 percent. Bank Muscat topped the seven banks in terms of asset size with about OMR16 billion, followed by Bank Sohar International with OMR10.2 billion, Bank Dhofar with OMR6.3 billion, and the National Bank of Oman with assets amounting to about OMR6.1 billion.
Shareholders’ equity in the seven banks recorded a growth of 9.8 percent, rising to more than OMR7 billion by the end of last September, compared to OMR6.3 billion in September 2025, benefiting from the growth in profits, reserves and an increase in the size of capital. Bank Muscat topped the list with OMR2.7 billion, Bank Sohar next with OMR1.1 billion, the National Bank of Oman with OMR928 million, and Oman Arab Bank with OMR709.6 million Omani riyals.