MUSCAT : BankDhofar, the second-largest bank in the Sultanate of Oman by branch network, organized a special gathering for media professionals from various local outlets in celebration of the holy month of Ramadan. The event was attended by Mr. k. Gopakumar, Acting CEO, along with members of the bank’s executive management.

The gathering provided an opportunity for media representatives to engage directly with BankDhofar’s leadership and employees, fostering stronger collaboration and mutual understanding. It also served as a platform for the bank’s management to express gratitude to journalists and media professionals for their dedicated efforts in delivering key messages to the Omani community and for their continuous support in covering the bank’s events and initiatives throughout the year.

Said bin Juma Al Busaidi, Head of Marketing and Corporate Communications at BankDhofar, emphasized the vital role of the media in the bank’s journey. He stated, “The media is a key partner in our continued success and achievements, particularly as we celebrate 35 years of excellence in the banking sector.”

Reflecting on the past year, Al Busaidi highlighted 2024 as a milestone year marked by significant achievements. BankDhofar continued to expand its diverse portfolio of innovative financial solutions, modern branch networks, and cutting-edge digital platforms, reinforcing its commitment to growth, innovation, and customer-centricity. With an extensive branch network now comprising 131 branches across Oman, the bank has enhanced its offerings to cater to a broad customer base, including women, youth, children, and high-net-worth individuals.

Among its key accomplishments, BankDhofar launched the BankDhofar Cash Fund, an attractive investment option designed for those seeking optimal returns with efficiency and flexibility. This initiative represents the bank’s strategic expansion into the investment sector, strengthening its presence in Oman’s financial landscape. Furthermore, the bank made a significant mark in the capital market by successfully managing the initial public offering (IPO) of OQ Basic Industries, debuting as an Issue Manager and affirming its capability to play a pivotal role in Oman’s financial ecosystem.

Customer-centricity remains at the heart of BankDhofar’s operations. With a strong focus on enhancing customer experience and streamlining solutions based on feedback, the bank attracted 600,000 new customers across its conventional and Islamic banking services in 2024 alone. Additionally, BankDhofar has launched several initiatives to simplify banking operations and enhance customer convenience while strengthening its cybersecurity framework to safeguard clients and business operations.

The bank’s commitment to growth and innovation was reflected in its 2024 financial results. Net profits surged by 12.5%, reaching OMR 43.6 million compared to OMR 38.7 million at the end of 2023. Investment in technology and business enablement remained a priority, with BankDhofar pioneering the introduction of Apple Pay and Samsung Pay while rolling out wholesale cash deposit machines and Easy Biz, a digital collection and settlement platform.

In the Islamic banking sector, Dhofar Islamic further expanded its branch network to 25 locations while innovating its service offerings. As a result, total income from Islamic banking services increased to OMR 23 million, with total assets growing by 10.24% to OMR 899.76 million, up from OMR 816.16 million in 2023.

Through its continued dedication to excellence, BankDhofar remains at the forefront of Oman’s banking industry, reinforcing its position as a trusted financial partner for individuals and businesses alike.