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Bank Muscat wins Forbes Award for Top Companies on MSM

MUSCAT, 2 January 2020 

Bank Muscat, the flagship financial services provider in the Sultanate, has achieved the prestigious distinction of being ranked among the Forbes Top 25 listed companies in Oman. The prestigious Forbes ranking featuring two lists of both listed and unlisted companies in Oman was based on their financial performance in 2018. The award was handed over by H.E. Talal Sulaiman Al Rahbi, Deputy Secretary General of the Supreme Council for Planning to Hamza Al Ajmi, AGM - Remedial Credit & Recovery, Bank Muscat, at a special awards function hosted by Forbes Middle East in Muscat recently.

Thanking Forbes for the prestigious award, Hamza Al Ajmi said: “As a forward looking financial institution, Bank Muscat strives to establish its leadership role in all realms of activities and is immensely proud to be ranked in the Top 25 Listed Companies in the Sultanate. This recognition endorses the bank’s leadership position in Oman, which is the result of customer-centric banking and pioneering sustainability initiatives along with the adoption of global best practices in the bank’s pursuit of overall excellence, while also contributing to the growth and development of the nation.”

It was the first event hosted in Oman by Forbes Middle East during which it awarded the country’s most successful companies. The awards ceremony was attended by over 150 dignitaries, guests and corporate executives from across Oman. The winners are featured in the December 2019 edition of Forbes Middle East magazine, within a special Oman report.

In order to list the top companies, Forbes Middle East gathered information from the MSM and evaluated market value, sales, assets and profits. Combined, the Top 25 listed companies have approximately $111.8 billion worth of assets, and last year made $18.6 billion in revenue and $2.1 billion in profit.

Bank Muscat posted a net profit of RO 141.43 million for the nine months ended 30th September 2019, compared to RO 134.74 million reported during the same period in 2018, an increase of 5 per cent. Today, the bank has the largest network of e-channels in the country, which provide convenience and secure banking services across the Sultanate. In keeping with technological developments, the bank’s digital channels are witnessing tremendous growth.

It is important to note that Bank Muscat has won multiple awards in the recent past including being chosen as the Best Bank in Oman by prestigious international publications like Global Finance, Euromoney and Emeafinance. Bank Muscat also won Muscat Securities Market’s (MSM) Quality of Disclosure Award in 2019 in recognition of its timely disclosures and transparency.