MUSCAT: Bank Muscat has been named among the top 30 banks in the Middle East, according to a Forbes report.
Securing the 26th position, Bank Muscat boasts a market value of $5.1 trillion, revenues worth $1.7 trillion, profits totalled $494 million and its assets exceeded $34 trillion.
As per the Forbes report, Bank Muscat has branches in the Sultanate of Oman, Saudi Arabia and Kuwait, and representative offices in Dubai, Iran and Singapore.
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The bank recorded a net profit of $494 million in 2021, an increase of 16.1%. The bank provided social welfare support to more than 1080 Omani families through the “Tadamon” program, in cooperation with the Omani Ministry of Social Development.
Banks in the Middle East and North Africa region responded stronger to the crisis of the Covid-19 pandemic, as the 30 largest listed banks in the region witnessed a growth in the value of their combined assets by 13% to reach $2.5 trillion by the end of 2021, compared to $2.3 trillion. In 2020, profits rose 37% to more than $34 billion.
The total market capitalisation of the 30 banks also increased to approximately $587 billion as of June 28, 2022, an increase of 23% compared to $478.7 billion in the previous year. They have amassed over $107 billion in revenue.
Gulf banks dominated the list for the year 2022, as 25 out of 30 banks are located in the Gulf Cooperation Council countries. Qatar’s QNB Group topped the list with total assets of $300.3 billion, followed by the UAE’s First Abu Dhabi Bank, the Saudi Al Rajhi Bank and the Saudi National Bank.
