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Bank Muscat wins Best Large Bank Award in OER-GBCM survey

Muscat, 13 May 2019 

Bank Muscat, the flagship financial services provider in the Sultanate, has won the Best Bank in the large-sized banks category in the OER-GBCM Best Banks in Oman survey. Bank Muscat topped the ranking process for banks with assets over RO 3 billion, based on the key parameters of growth and sustainability. The award was handed over by H.E. Tahir bin Salim bin Abdullah Al Amri, Executive President of the Central Bank of Oman to Sheikh Waleed K. Al Hashar, Chief Executive Officer of Bank Muscat.

Sheikh Waleed K. Al Hashar said: “Bank Muscat today has the largest network of e-channels, which provide convenience and secure banking services across the Sultanate. The Bank has consolidated its leadership position and is contributing to the growth and development of the Sultanate’s economy not only through banking but also through its pioneering CSR initiatives that promote sustainable development. It is important to note that the Bank has been consistently winning prestigious local and international awards, thereby setting performance benchmarks across all aspects of the Bank’s operations.”

In keeping with technological developments, the Bank’s digital channels are witnessing consistent growth. With almost 50% of the network of self-service machines and kiosks in Oman, the Bank’s e-channel network is growing steadily and includes 426 ATMs, 113 CDMs, 134 full function machines (FFMs) and 10 business cash deposit machines (BCDMs) for bulk deposits by corporates. The Bank maintains an excellent uptime of over 95% for its ATM/CDM network across Oman.

The self-serve ATM/CDM network can be considered as a benchmark in customer service and Bank Muscat can proudly claim that its network spread across the country is the preferred choice. Meeting the banking requirements of citizens and residents in all regions, the Bank’s digital channel network is notable in remote areas.

Maintaining the leadership position, Bank Muscat posted a net profit of RO 179.63 million for 2018 compared to RO 176.82 million reported 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.

Bank Muscat has consistently maintained a stable loan book growth with a conservative lending approach focused on high quality assets. The Bank is the leading Retail bank platform in Oman with approximately 2 million retail customers and the largest distribution network. With about 6,500 corporate customers, Bank Muscat is also the leading corporate bank franchise in Oman. The Bank has strong project finance capabilities and a diversified loan portfolio across sectors. The Bank’s net loans and advances, including Islamic financing receivables, increased by 7.3% to RO 8.93 billion as at 31 December 2018 as against RO 8.33 billion as at 31 December 2017.

The Oman Banking & Finance Awards were powered by OER and it was co-located with the New Age Banking Summit supported by Information Technology Authority (ITA) and Oman Banks Association (OBA). The data for the survey was sourced from audited financial statements, CBO reports and other published reports.