MUSCAT, 27 March 2019
Bank Muscat, the flagship financial services provider in the Sultanate, held its Leadership Forum for 2019 at the Oman Convention and Exhibition Centre recently. The annual event, which was themed “Customer Centricity, Efficiency and Innovation”, was attended by the Management Team as well as head office and branch leadership from Oman and overseas.
Sheikh Waleed K Al Hashar, Chief Executive Officer, commended the frontline branch managers for their dedication and commitment in taking the Bank to greater heights and in helping achieve good financial results. He emphasised on the importance of implementing clear customer service policies and prompt action as the right way to gain further achievements and successes.
Sheikh Waleed K Al Hashar said: “Renowned for excellent customer service, Bank Muscat is placing top priority towards building strong relationships with its customers who have come to expect a lot from the Bank. With the largest network of branches spread across the Sultanate, Bank Muscat meets the expectations of customers at the grassroots level and at the same time, continues to implement new initiatives”.
Sheikh Waleed K Al Hashar added that customers are the real wealth of the Bank. He asked employees to work together with excellent team-spirit so as to come up with the best possible experience for the Bank’s customers. He stressed that along with implementing innovative and creative products and services, all employees also had the responsibility to make sure that the Bank continued to be the leading financial services provider in the Sultanate.
The Leadership Forum focused on new developments in the financial sector, highlighting the Bank’s priorities, which are customer-centricity and enhanced efficiency, productivity, creativity and flexibility, so as to sustain the Bank’s top position.
The members of the Management Team discussed the new initiatives that are being implemented currently, which are aligned to the five Strategic Pillars of the Bank’s vision: Customer Centricity, Market Leadership, Efficiency and Productivity, Agility and Innovation.
The Bank posted net profit of RO 179.63 million for the period compared to RO 176.82 million reported during the same period in 2017, an increase of 1.6 per cent. Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 304.29 million for the year 2018 compared to RO 281.35 million for the same period in 2017, an increase of 8.2 per cent.
Non-interest income at RO 142.45 million was lower by 7.9 per cent compared to RO 154.62 million for the year ended 31st December 2017. Income in 2017 includes one-off investment gain of RO 12.8 million on sale of certain investments.
Operating expenses for the year ended 31st December 2018 at RO 190.34 million was higher by 3.4 per cent as compared to RO 184.08 million for the same period in 2017. Net Impairment and other losses for the year was RO 43.24 million as against RO 43.28 million for the same period in 2017. Net Loans and advances including Islamic financing receivables increased by 7.3 per cent to RO 8,939 million as against RO 8,329 million as at 31st December 2017. Customer deposits including Islamic Customer deposits increased by 14.1 per cent to RO 8,463 million as against RO 7,419 million as on 31st December 2017.
As the leading bank in the Sultanate, Bank Muscat strives for continuous improvement, pushing itself as an organisation and its employees to continuously do better. Organising the Leadership Forum annually contributes greatly to the Bank’s ability and flexibility to adapt to rapidly changing global factors and enhancing communications, leads to further exchange of information and ideas and is an important part of continuing to achieve excellence and market leadership to achieve the aspirations of the Bank’s shareholders and customers.