MUSCAT, 24 January 2016 – Bank Muscat, the flagship financial services provider in the Sultanate, reviewed the 2015 performance and outlined its customer-centric future strategies at the annual Leadership Forum attended by the Management and branch leadership. In light of the prevailing economic situation, the event themed 'Opportunities' focused on strategies to chart the way forward.
AbdulRazak Ali Issa, Chief Executive, commended the front line branch managers for their dedication and commitment to steer the bank to greater heights in serving the largest banking family in Oman as well as contributing to the development march of the nation.
AbdulRazak Ali Issa said: “The forum articulated the bank's strategy towards the challenges and opportunities faced in light of the prevailing economic situation. Challenges often bring the best out of the brave and the bank's focus remains on identifying business growth opportunities in unchartered territories to achieve the goals and strategy. The bank is progressing well on track with clarity on its vision, values and strategy, which have helped in distinguishing itself in banking excellence, and remains focused on its customer-centric strategy to sustain the competitive advantage. The bank's operations are ingrained in its values which represent what we stand for: how we conduct ourselves as the trusted banking partner, and how we engage with our shareholders, business partners, colleagues and the communities we serve."
Addressing the session, Waleed Al Hashar, Deputy Chief Executive Officer, said: “Our commitment to customers will be the key to achieving our strategic objectives, thereby establishing sustainable, long-term business relationships in communities we operate in.
Ushering in a new era characterised by a dynamic strategy reflecting the readiness to face future challenges, the new Organisational Structure sum up the bank's confidence and determination to stretch the boundaries in banking excellence. Setting new standards, we are embarking on further enhancing our products and services to serve customers better. We constantly ask ourselves, are we fulfilling our Vision? Yes, we are making steady progress in 'Doing More' for ourselves, our customers, stakeholders, communities and country. We remain focused on our strategy to bring our Vision and Values to life in today's challenging environment. By making steady progress in business operations and being faithful to our Vision and Values, we continue to earn the trust of our stakeholders and provide a unique banking and financial experience to our customers."
In sessions focusing on real life personal achievements and corporate success, the forum was addressed by Janab Sayyida Dr. Sharifa bint Khalid Al Said, who highlighted her experiences in overcoming the challenges in life, and Sheikh Aymen bin Ahmed Al Hosni, CEO of Oman Airports Management Company, who led a session on 'Leadership'.
The analysis of 2015 performance and the growth plan for 2016 were highlighted in presentations made by various departments. The bank's future strategies in line with the 'Let's Do More' vision seeks to achieve an ideal balance between the contributions of a loyal, productive workforce and customer-service focused solutions, continuously measuring and delivering value for all stakeholders. The core focus of the bank's vision is to stretch further the standards in banking excellence.
In order to achieve the bank's growth objectives, the new Organisational Structure assigns higher emphasis to customer centricity whereby the bank's functions are aligned based on the main customer segments being served. Additionally, the new structure incorporates representation of branches in the Management Team to ensure that opinions of customers and employees from different parts of the country are reflected at the highest management levels.
Renowned for top-notch customer service, Bank Muscat accords priority for building key relationship with customers. With the widest reach and the largest network of 153 branches spread across the Sultanate, Bank Muscat meets the expectations of customers at the grassroots level. The expanding branch network reflects the commitment to remain as the bank of first choice in all parts of the country, offering banking convenience at the doorstep of customers. In order to maintain the leadership position, the bank accords priority for value addition and strengthening of relationship with customers.
The 'Let's Do More' vision reiterates a leadership which continuously challenges everything, from listening to improving and looking for positive change as the bank believes that only through questioning convention can it truly deliver sustainable value.
Over the past 33 years, Bank Muscat has achieved steady and significant growth in various disciplines to emerge as the flagship financial institution in Oman. The bank posted a net profit of RO 175.45 million in 2015 compared to RO 163.23 million in 2014, an increase of 7.5 per cent. The bank has leveraged on investments in new technology to further increase efficiency and improve customer service. The sophisticated banking experience stems from the right mix of traditional and electronic channels. Bank Muscat enjoys an edge in hi-tech products, notably electronic payment and web-based services in tune with meeting the banking requirements of a young, tech-savvy generation.