MUSCAT, 17 May 2015 – Bank Muscat, the flagship financial services provider in the Sultanate, has won the 'Best Bank in Oman' award by Global Finance in recognition of banking service excellence.
Criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products. Global Finance editors with input from industry analysts, corporate executives and banking consultants selected the best emerging markets bank in the region. A poll of Global Finance's corporate readership was also conducted in order to validate the accuracy and reliability of the results.
AbdulRazak Ali Issa, Chief Executive, said: “Time and again, the performance of Bank Muscat has been lauded by the global banking community and we are delighted to receive yet another endorsement from Global Finance reflecting the consistency of performance and the innovative strategies which have cemented the bank's reputation in a tough market. Year on year, the bank adopts new initiatives to stretch its operational excellence. A keen perception of customer requirements enables the bank to remain focused on developing products and services in line with the current and emerging needs. Going forward, Bank Muscat seeks to reinforce its competitive edge in the market."
As the flagship bank with a fast-growing network, Bank Muscat aims to deliver reliable, dynamic and innovative banking services. The bank draws on its expertise to provide customers with the best banking products and services. The bank is endowed with a deep understanding of customer needs, offering expertise and financial guidance at all levels. A multi-award winning organisation, Bank Muscat holds the rare distinction of being consistently voted the 'Best Bank in Oman' by all leading local, regional and global institutions.
The Global Finance awards are recognised as one of the most prestigious international banking awards given to institutions that demonstrate leadership, innovation and momentum in the markets in which they operate.
“Banking markets around the world are changing dramatically in the face of a new regulatory landscape and changing conditions. We honour those banks that have the deepest commitment to the markets in which they operate and understanding of the specific needs of customers based in those markets," the magazine noted.
Bank Muscat accounts for 38 per cent market share of assets in Oman worth over RO 65 billion. The bank posted a net profit of RO 43.30 million for the 3-month period ending 31 March 2015 compared to RO 39.76 million reported during the same period in 2014, an increase of 8.9 per cent. The bank posted a net profit of RO 163.23 million in 2014 compared to RO 152.19 million reported in 2013, an increase of 7.3 per cent.
Bank Muscat offers the complete range of innovative banking products and services to the largest banking family in Oman. Offering the right mix of traditional and electronic banking channels for the Sultanate's youth-dominated population, Bank Muscat enjoys an edge in hi-tech products and services, notably electronic payment and web-based services, in tune with Oman moving towards a cashless society and meeting the banking requirements of a young and tech-savvy generation. Product innovation and improved level of service by Bank Muscat for both conventional and electronic channels is the key to making a difference in banking excellence.
Bank Muscat enjoys investment grade credit ratings of 'A1' by Moody's and 'A-' by Standard & Poor's. The bank's biggest footprint and presence across the Sultanate and world class products and services are helping to make the vital differentiation, with the focus on its 'Let's Do More' vision. The bank has direct and indirect presence in all six GCC states, including a branch each in Saudi Arabia and Kuwait, as well as Representative offices in the UAE and Singapore, which focus on financial institutions and trade business. With the best and most knowledgeable team in the country, Bank Muscat remains committed to providing a world class banking experience.