After a series of management changes and a turbulent past, National Bank of Oman (NBO) achieved a significant turnaround in 2005 along with record profit growth. Following net losses in 2003, NBO turned the corner in 2005 with a huge 289.3% growth in net profits and a solid 15% RoE. And with profits for the first three quarters of 2006 already in excess of 2005 profits, 2006 is expected to be another excellent year.
Regaining customer and investor confidence in a relatively short time, the bank has strengthened its management capability through its alliance with Commercial Bank of Qatar, has launched new savings products and new housing loan products and improved its technology platform. It is also actively participating in major development projects and saw its assets grow by 16.4% in 2005 after two years of decline, making it the second largest bank in the country. The bank has also significantly reduced its cost/income and NPL ratios.
CEO Andrew Duff notes: “It is a great honour and privilege to be included in the company of a select group of banks and financial institutions from around the globe that are rated as the best in their respective markets in 2006. The selection of the National Bank of Oman is a testimony to the success of our new strategy for becoming the top bank in Oman, our fantastic customer base and the structural reforms the bank has undertaken including its strategic alliance with Commercial Bank of Qatar.”
