Impacts of Pandemic Coronavirus COVID -19 on Banking Sector Mid-Year Financial Result in Sultanate of Oman

Authors

  • Mr. Ali Salim Al Shekaili, Prof. Dr. Asif Mahbub Karim

Abstract

The Coronavirus COVID-19 pandemic has negative impacts on the economic and banking sector in Sultanate of Oman. The banking sector is depending on colleting the fees which has been waived by Central Bank of Oman (CBO) to support individual and corporate business cause of the pandemic situation. The banks are working hardly and investing more and more to provide digital solution and services for the clients, in other hand there is no income. The disruptive impacts of COVID-19 contributed to a decline in clients spending. Mostly of the government and retail business has been closed by a decision of the Supreme Committee. The banks are working very hardly to digitalized and converts all the products and services in digital platform to serve the clients in the greatest method. The ended 30th June 2020 financial result and report has showed the impacted of dropped and loss in Net Profit cause of the pandemic while compared with 2019 Net profit for the same period.

Published

2020-10-15

Issue

Section

Articles