Muscat: The financial performance of the banking sector comes amid positive macroeconomic indicators, including a rise in the Sultanate’s gross domestic product (GDP) at current prices to RO 41.1 billion in 2024, up from RO 40.7 billion the previous year. Shareholders’ equity across the listed banks also climbed to RO 6.1 billion by March-end, compared to RO 5.7 billion in March 2024.

Bank Muscat once again topped the profitability chart, posting net profits of RO 58.5 million in Q1 2025—a 7.9% increase from RO 54.2 million the year before. Bank Sohar International came in second, though it saw a decline in profits to RO 21.4 million from last year’s RO 25.1 million. National Bank of Oman secured the third spot with RO 17.1 million, followed by Bank Dhofar (RO 12.1 million), Ahli Bank (RO 9.7 million), Oman Arab Bank (RO 7.4 million), and Bank Nizwa (RO 4.5 million). Notably, Bank Nizwa registered an 18% year-on-year profit increase.

The combined total assets of the seven MSX-listed banks rose to RO 42.2 billion by the end of March 2025, up from RO 39.9 billion a year ago. Bank Muscat led with RO 14.3 billion in assets, followed by Bank Sohar International at RO 7.3 billion and Bank Dhofar at RO 5.3 billion.

The first quarter also saw a strong push toward digital transformation, with banks reporting higher usage of point-of-sale terminals and self-service devices. Investments in expanding physical presence and digital accessibility were accompanied by financing key projects, improving asset quality, diversifying income streams, and contributing to community initiatives.