Bank Dhofar Reports 12.5% Rise in FY2024 Net Profit to OMR 43.61 Million as Fitch Outlook Turns Positive

Bank Dhofar reported net profit after tax of OMR 43.61 million for the full year 2024, representing a 12.5% increase compared with the prior year.

Net interest income rose 3.0% year-on-year to OMR 114.2 million.

FEE INCOME, PROVISIONS AND ISLAMIC BANKING

Fee income rose 16.2% year-on-year to OMR 38.7 million.

Net provisions declined by 24.8% during the year, while operating profit fell 1.9% to OMR 74.0 million. The bank's Islamic banking window also recorded profit growth of 4% for the full year.

FITCH AND MOODY'S RATING ACTIONS

In January 2025 Fitch Ratings affirmed the bank's Long-Term Issuer Default Rating at BB and revised the outlook to positive from stable, following a similar action on Oman's sovereign rating. Moody's had affirmed the bank's Ba1 long-term deposit ratings and revised the outlook to positive in September 2024.