Banking & Finance Total profits at Oman’s banks up 15% in 2024 By Saleh Al-Shaibany January 31, 2025, 12:32 PM Bank Muscat Bank Muscat reported earnings of OMR225.5 million in 2024, a 6 percent increase on 2023 Combined figure of $1.36bn Bank Muscat earnings highest Industry doubled since 2013 Banks in Oman recorded a 15.2 percent year on year rise in profits in 2024. Total profits reached OMR522.6 million ($1.36 billion) last year, up from OMR453.5 million in 2023, the Central Bank of Oman said. The increase was attributed to the country’s robust economic growth last year through project financing, mortgages and loans to individuals. Bank Muscat, the richest local financial institution, reported the highest earnings, at OMR225.5 million, a 6 percent increase on 2023. Sohar International Bank was next, followed by the National Bank of Oman. A series of financing deals from local banks extended loans to renewable energy projects, the oil and gas industry and for infrastructure such as roads and bridges. Omani banking sector ripe for further mergers Oman appoints Al Musalmi to head central bank Profit of Omani-listed banks rises 19% to $1.17bn in 2023 Oman’s banking industry has more than doubled in size since 2013 but may lack the scale to meet state financing needs, experts told AGBI last October, with lenders already stretched in terms of their loan-to-deposit ratios. Mashreq, the UAE’s fifth largest bank by assets, launched operations last month in Oman. Oman’s real GDP is likely to expand 3.1 percent in 2025 and 4.4 percent in 2026, the International Monetary Fund forecasts.
