The Oman 2020 vision aims at the diversification of the national economy. The banking sector is playing a major role in diversification and economic development. Information and communications technologies (ICT) is vital for the development of a diversified and knowledge-based economy. Assessing the impact of ICT investments in the banking sector is critical for operational and strategic planning. Based on data gathered from 2001-2015 in three banks in Oman, this study found that ICT asset value is positively correlated with financial indicators such as operating income, profit before tax, and yearly profit; whereas it is negatively correlated with financial ratios such as return on average assets, return on average equity, and return on investment. This in-progress research provides some useful insights from an under-investigated region. However, it has some limitations, and further research is needed before any conclusions can be drawn about the impact of ICT on bank performance in Oman.