Bank Muscat on track to sustain banking excellence
The journey at Bank Muscat began more than three decades ago with the mission of creating value for every individual and the nation. Thanks to the endorsement by the largest banking family in Oman, Bank Muscat prides itself to be the No. 1 bank in the Sultanate.
During the past 34 years since its inception in 1982, Bank Muscat has focused on reaching out to customers with banking service excellence, being closely associated with the progressive march of the nation in all realms. The trust and confidence reposed by the people and the nation have helped the bank to maintain its leading position.
The ‘Let’s Do More’ vision is a powerful articulation of the contributions of a loyal, productive workforce and customer-centric service for all partners. The vision reflects the essence of Omani values in the bank’s services, continuously measuring and delivering value for all stakeholders. The core focus of the vision is to stretch further the standards in customer service and banking excellence.
Against the backdrop of the challenging economic situation, the bank’s leadership is focused on achieving its strategic objectives. As a forward looking financial institution, Bank Muscat is committed to the development and progress of Oman vis-à-vis its operations. Over the years, the bank has accomplished this in many ways by partnering with the government and industry in projects of national importance.
As part of its commitment to sustainable development, alongside participation in large-scale projects, the bank has taken strategic steps to strengthen the small and medium enterprise (SME) sector in Oman.
The bank’s al Wathbah SME department offers a comprehensive suite of tailor-made finance solutions and non-financial services targeted at small and medium enterprises. Credit facilities, both short-term and long-term in nature, are available to all sectors.
Further support is extended through non-financial services in areas of education, coaching, networking opportunities and workshops. One such example is the bank’s al Wathbah Academy. The objective of this ongoing educational initiative is to impart the required skills and guidance for entrepreneurs drawn from diverse fields to embark on successful SME business ventures.
Promoting self-employment initiatives boosting the national economy, a suite of products is also available for micro and small businesses.
Bank Muscat is the largest asset manager in Oman. The Private Equity and Asset Management division manages over $2.1bn worth of assets. The paramount AUM position enjoyed by Bank Muscat Private Equity and Asset Management division reaffirms the bank as a safe and reliable partner for financial investment advice.
In tune with the banking requirements of a young, tech-savvy generation, Bank Muscat enjoys an edge in hi-tech products and services, including electronic payment and web-based services. Moving along with the times, Bank Muscat offers the right mix of traditional and electronic banking channels for the Sultanate’s youth-dominated population. 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.
With the largest electronic channel network in Oman, innovations adopted by Bank Muscat are characteristic of the network of ATMs and CDMs, mobile banking, internet banking, point of sales (PoS) machines and the Call Centre offering 24/7 banking service.
The first social media account in the banking sector in Oman launched by Bank Muscat for innovative customer service has proven popular. The dedicated Twitter account @bankmuscatcare reflects the latest trends in banking and facilitates real time communication between customers and the bank on inquiries and feedback.
The Green Sports initiative launched by Bank Muscat to promote Oman as a sporting nation has set a benchmark for corporate social responsibility programmes in terms of its scope, reach and appeal. Within five years of the launch of the unique programme aimed at greening football fields across Oman, the bank has to date extended support to 63 sports teams and continues to identify eligible teams to help realise their sporting dreams.
Maintaining performance momentum, the bank posted a net profit of RO136.91mn for the nine months ended September 30, 2016 compared to RO136.23mn reported during the same period in 2015.
Net interest income from conventional banking stood at RO187.95mn for the nine months of 2016 compared to RO176mn for the same period of 2015, an increase of 6.8 per cent. Non-interest income was RO108.47mn for the nine month period ended September 30, 2016 compared to RO112.87mn for the same period in 2015.
Net loans and advances increased by 7.1 per cent to RO7,032mn as against RO6,566mn as at 30 September 2015. Customer deposits increased by 0.8 per cent to RO6,831mn as against RO6,778mn as at September 30, 2015.
The dynamic ‘Let’s Do More’ vision roadmap reflects the readiness to face future challenges and sums up the bank’s confidence and determination to stretch the boundaries in banking excellence.