Bank Muscat, Oman's largest bank by assets, reported a full-year net profit of RO 225.6 million for 2024, a rise of 6.2 per cent compared with the prior year. The result was announced on 15 January 2025.
Net interest income from conventional banking and net income from Islamic financing reached RO 397.7 million, representing a 6.1 per cent increase year-on-year, whilst total assets rose 2.7 per cent to RO 14.04 billion. Earlier in January, Fitch revised Bank Muscat's outlook to positive, citing Oman's improving operating environment and the government's stronger ability to support banks, whilst affirming its long-term issuer default rating at BB+.
ISLAMIC BANKING AND DEPOSIT GROWTH
Bank Muscat's Islamic banking operations are housed in Meethaq. Group customer deposits rose 3.6 per cent to RO 9.78 billion.