The largest bank in the Sultanate of Oman with the largest branch network is BankMuscat, which continued on its path of measured growth with another strong performance. In 2006, the bank expanded net profits by 33% to Or60.4m ($154.9) and increased assets by a stunning 48% to Or2954m with Tier 1 capital up 11% to Or285m. The strong performance led to an improved RoE of 21.95% and a reduced cost-income ratio of 40.8%.
Among key developments, the bank has expanded its customer franchise to 400,000 retail customers (43% market share) across a network of 103 branches and 235 ATMs. The bank opened its first branch in Riyadh and has acquired a 43% stake in India’s Mangal Keshav Group, one of the top 20 securities houses in India. BankMuscat also has a strategic stake in Centurion Bank of Punjab a major bank in India.
“BankMuscat is happy to have been declared The Banker’s Bank of the Year in Oman for the sixth time,” says chief executive Ali Issa AbdulRazak. “We remain thankful to our customers and stakeholders for their continual patronage, and our employees for their untiring efforts to help the bank reach new heights of excellence.
“As the nation’s leading bank, we are committed to continuing to provide our customers with the finest of banking products, services and solutions in Oman and across the markets in which we operate.”
