Bank Muscat's Q1 profit rises as the sector consolidates

Bank Muscat's Q1 profit rises as the sector consolidates

Bank Muscat net income up 8% Q1 income of $153m Sohar set to take over Ahli Bank First quarter net income at Bank Muscat, Oman’s largest bank by assets, rose 8 percent on higher interest revenue from both conventional and Islamic sharia-compliant activities. The rise comes as rival Sohar International Bank, the country’s second-largest bank by assets, seeks to take over a smaller rival, raising concerns about competition in the Omani banking sec…