MUSCAT: Bank Muscat, the leading financial services provider in the Sultanate of Oman, has won the Bank of the Year (Oman) award from The Banker. The award was presented to the bank after a thorough evaluation by the judges based on a number of different criteria including the product mix, financial performance, asset and revenue quality, customer satisfaction, and digital offerings. The prestigious award adds to the list of accolades and achievements by the bank and is the result of the bank’s adoption of global best practices and its customer-centric approach in banking. 

Today, Bank Muscat leads the financial services sector in the Sultanate with over OMR 12 billion in assets, 174 branches and more than 800 ATMs and CDMs spread across the country making it the preferred choice for customers. The bank has a good presence even in remote areas and is greatly enhancing financial inclusion in Oman. In keeping with technological developments, the bank’s digital channels including Mobile and Internet banking have been witnessing tremendous growth over the recent past. With about 2 million customers, Bank Muscat is a clear leader in the banking sector in Oman and has the largest portfolio in the country across the retail, corporate, wholesale and Islamic banking space.

Bank Muscat, which has the largest network of e-channels in the country, continues to demonstrate its leadership traits and continuously contributes to the growth and development of the Sultanate’s economy not only through banking, but also through pioneering initiatives that promote sustainable development. Bank Muscat has won multiple awards in the recent past including being chosen as the Best Bank in Oman by the editors of a number of prestigious international journals and publications. Award winners were chosen by financial editors after extensive consultations with corporate financial executives and bankers, banking consultants and analysts across the world. The award criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products.

Notably, in June 2021, Bank Muscat was recognized as one of the “Top 100 Companies in the Middle East” and as one of the “Top 50 banks in the Region” by Forbes Middle East. The bank was also well appreciated for its performance across its various lines of business and operations and won a number of awards from prestigious international publications like Global Finance, Euromoney, Asiamoney and EMEA Finance for its different lines of business in 2021. The bank posted a net profit of OMR 140.16 million for the nine months ended 30 September 2021 compared to OMR 113.21 million reported during the same period in 2020, an increase of 23.8 per cent.