Muscat-listed banks post OMR455 million profit, up 8.1% in nine months

Summary

• Seven banks listed on Muscat's bourse earned OMR455 million in nine months, up 8.1%.
• Combined assets climbed 13.7% to about OMR50.2 billion by end-September.
• Stronger earnings widen the sector's capacity to fund projects and household lending.

The latest

Net profit at the seven banks listed on the Muscat Stock Exchange reached OMR455 million in the first nine months of 2026, an 8.1% increase on the OMR420.6 million recorded a year earlier. According to preliminary results published by the banks on the exchange's website, most financial indicators improved, helped by expanded lending to development projects, private-sector ventures, small and medium enterprises, and individual borrowers.

Details

• The headline figure: The OMR455 million nine-month total is equivalent to roughly 1.18 billion dollars at Oman's fixed exchange rate of 0.3845. It is an aggregate for seven listed lenders rather than a single institution, and covers the period through the end of September.
• Bank Muscat leads: Bank Muscat posted the largest profit of any listed lender at OMR209.1 million, against OMR191.5 million in the same period last year. That single result accounts for close to half of the sector's combined nine-month earnings.
• The runners-up: Sohar International Bank ranked second with net profit of OMR77.6 million, up from OMR70.7 million. The National Bank of Oman came third at OMR57.5 million against OMR51.7 million, according to the results filed with the exchange.
• Mid-tier gains: Bank Dhofar's profit rose to OMR38.8 million from OMR36 million. Ahli Bank recorded 12.5% growth, lifting earnings to OMR36.5 million from OMR32.4 million. Oman Arab Bank placed sixth, with consolidated net profit climbing to OMR28.1 million from OMR23.3 million.
• The outlier: Bank Nizwa broke the pattern with a 52% drop in net profit to OMR7 million from OMR14.8 million. The bank's provisions more than doubled to OMR13.6 million from OMR6.2 million, while operating expenses rose to OMR23.8 million from OMR20.8 million.
• Balance sheet growth: Total assets across the seven banks reached about OMR50.2 billion at the end of September, up 13.7% from OMR44.1 billion in September 2025. Asset expansion outpaced profit growth, pointing to lending volumes rising faster than margins.
• Capital base: Shareholders' equity grew 9.8% to more than OMR7 billion, against OMR6.3 billion a year earlier. A thicker equity cushion supports the sector's capacity to absorb losses and extend new credit.
• What drove it: The banks attributed the broad improvement to expansion in financing for development projects, private-sector schemes, small and medium enterprises, and retail loans. The filings did not break down the contribution of each lending category to the profit increase.

Background

Oman's listed banking sector is concentrated, with Bank Muscat dominating by assets and earnings. The seven lenders report quarterly to the Muscat Stock Exchange, where preliminary results are published before audited annual accounts.

Between the lines

The 13.7% jump in assets against 8.1% profit growth suggests banks are expanding their loan books faster than earnings are keeping pace, consistent with the shift toward project and SME financing cited in the filings. Bank Nizwa's doubled provisions sit against that backdrop, indicating credit costs are not uniform across the sector even in a year of aggregate growth.

What's next

Full-year audited results will test whether the nine-month pace holds, and whether Bank Nizwa's provisioning rises further in the fourth quarter.

Source: Oman News Agency (ONA), Muscat Stock Exchange filings