22/05/2016 07:34 AST
Bank Muscat, the flagship financial services provider in the Sultanate, has won the Best Bank in Oman award by the World Union of Arab Bankers (WUAB). AbdulRazak Ali Issa, Chief Executive, received the prestigious award in recognition of outstanding contributions to the banking sector in Oman and the Arab region, at the high profile award ceremony held in Lebanon.
AbdulRazak Ali Issa, 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 WUAB 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. The WUAB deserves appreciation and commendation for the vision and strategy to showcase the role of Arab banks and cadres, besides highlighting the standards of professionalism that we have achieved in our banking activities carried out in accordance with international norms, standards and practices.”
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.
Bank Muscat posted a net profit of RO 43.8 million for the three months ended on March 31, 2016, compared to RO 43.3 million reported for the same period in 2015, an increase of 1.1 per cent.
Net Loans and advances from conventional operation increased by 6.9 per cent to RO 6,917 million as on March 31, 2016, as against RO 6,472 million as on March 31, 2015. Customer deposits, including CDs from the conventional operations increased by 7 per cent to RO 6,974 million as on March 31, 2016, as against RO 6,519 million as on March 31, 2015.
Islamic financing receivables amounted to RO 665 million as on March 31, 2016, compared to RO 432 million as on March 31, 2015. Islamic Banking customer deposits amounted to RO 678 million as on March 31 2016 compared to RO 308 million as at 31, March 2015.
WUAB is the sister organisation of the Union of Arab Banks (UAB), serving as an ideal platform for communication, networking, and information sharing, thus reinforcing the Arab banking and finance industry. WUAB aims at weaving a network among Arab bankers and finance professionals along with their foreign counterparts to give a strategic depth to the Arab banking industry by strengthening relations with the international markets and enhancing the position of the Arab banking and financial industries worldwide.
Oman Daily Observer
Please wait...
