Updated May 16, 2023
Overview of Top Banks in Oman
Oman has around 19 banks that run its financial economy. The Oman banking system can be subdivided into 3 major sectors. The 1st sector under which most Oman banks fall under the local commercial sector. The 2nd sector is where the branches of several foreign banks have opened their offices in Oman. The last and the 3rd one is the specialized sector; only two types of specialized banks lie under the same. The Central Bank of Oman is the core bank of Oman. It attempts to regulate it and licenses the monitors’ interest rates, the local banking sector, and all other development notes and bonds issues.
As per Moody’s, Oman’s banking system outlook was assigned as stable, as higher hydrocarbon output and government borrowing are expected to stabilize the domestic economy and support a healthy level of public spending. But recently, it was assigned a negative outlook. For 2015, Oman Bank’s total combined assets amounted to US $73,000 million, the smallest in the (i.e. GCC) Gulf of Co-operation Council.
Some top banks include Bank Muscat, the national bank of Oman, Oman Arab Bank etc.
Top Banks in Oman
Here is a list of the top 10 Banks, which are as follows:
1. Bank Muscat
Bank Muscat was founded in 1982 and is the leading financial service provider. It provides several services Retail Banking, Corporate Banking, Islamic Banking, Private Banking, Investment Banking, Treasury, and Asset Management services. Its headquarter is situated in Oman, Muscat. It has handled around US$31.92 billion of the total assets. Bank Muscat generated a net interest income of around US$718.78 million in 2018. In the same year, the net income of Bank Muscat was around US$466.58 million. It employs around 3024 employees.
2. National Bank of Oman
The National Bank of Oman was founded in 1972. The National Bank of Oman is the 1st local bank of the Sultanate. Its headquarter is situated in Oman, Muscat. The bank operates through several business segments: Wholesale Banking, Commercial Banking, Retail Banking, and Funding Centre. It has handled around US$348.84 million of the total assets. The National Bank of Oman generated a net interest income of around US$234.78 million in 2017. In the same year, the net income of the National Bank of Oman was around US$114.35 million. It employs around 1,500 employees.
3. Bank Dhofar
Bank Dhofar was founded in 1992, and its headquarters is in Muscat. The bank operates through several business segments: Corporate Banking, Retail Banking, and Treasury and Investments. It has handled around US$11.03 billion of the total assets. Bank Dhofar generated a net interest income of around US$219.75 million in 2017. In the same year, the net income of Bank Dhofar was around US$123.70 million.
4. Alizz Islamic Bank
Alizz Islamic Bank was founded in 2012, headquartered in Ruwi. Alizz Islamic Bank operates through major 3 segments: Corporate Banking, Retail Banking, and Treasury. It manages roughly a network of 7 branches. It has handled around RO568.96 million of the total assets. Alizz Islamic Bank generated a net interest income of around RO21.158 million in 2017. In the same year, the net loss of Alizz Islamic Bank was around RO2.99 million.
5. Oman Arab Bank
Oman Arab Bank was founded in 1972, and its headquarters is in Safat. This bank is a subsidiary of (OIDIC) Oman International Development and Investment Company SAOG. The bank operates through major 4 segments: Islamic Banking, Corporate Banking, Retail Banking, Support, and Unallocated Functions. It has handled around RO2.14 billion of the total assets. Oman Arab Bank generated a net interest income of about RO55.59 million in 2017. In the same year, the net income of Oman Arab Bank was about RO26.55 million. It employs around 1,100 employees.
6. Bank Nizwa
Bank Nizwa was established in 2012, and its headquarters is in Muscat. Bank Nizwa focuses on major 3 segments – corporate banking, retail banking, and treasury & investment banking. It has handled around RO696.64 million of the total assets. Bank Nizwa generated a net interest income of about RO27.95 million in 2017. In the same year, the net income of Bank Nizwa was around RO3.78 million. It employs about 300 employees.
7. Ahli Bank
Ahli Bank was established in 1973 and is an Islamic bank. bank operates into 4 segments. The key activities of the bank include trading in real estate and establishing investment funds, accepting deposits and other kinds of Islamic Transactions. It has handled around QAR39.883 million of the total assets. In the year 2017, the net income of Ahli Bank was around QAR639.71 thousand.
8. Bank Sohar
Bank Sohar was established in 2007, and its headquarters is in Muscat. The bank operates through Retail Banking, Government and Project Finance Syndication, Wholesale Banking, Investments, Treasury, and Islamic Banking segments. It has handled around RO2.97 billion of the total assets for 2018. It employs about 700+ employees.
9. Beirut Oman Bank
Beirut Oman Bank was established in 2006 and is a Bank of Beirut Lebanon branch. It manages 4 branches – Sohar, Muscat, The Wave, and Ghubrah. It has handled around LBP27,687 billion of the total assets. Beirut Oman Bank generated a net interest income of around LBP436.52 billion in 2017. In the same year, the net income of Beirut Oman Bank was around LBP311.53 billion. It employs around 150+ employees.
10. HSBC Oman
HSBC Oman was established in 1948, and its headquarters is in Seeb. HSBC Omanis handles 110 branches across the United Kingdom and the Middle East.
This bank works in 3 major segments
- retail banking
- commercial banking, and wealth management
- global banking & markets
It has handled around US$6.06 billion of the total assets. HSBC Oman generated a net interest income of around US$140.91 million 2017. In the same year, the net income of HSBC Oman was around US$49.65 million. It employs around 900+ employees.
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