Bank Mus­cat ranked among Forbes Top 25 Listed Com­pa­nies in the sul­tanate

Muscat Daily - - CORPORATE NEWS -

Bank Mus­cat, the flag­ship fi­nan­cial ser­vices provider in the sul­tanate, has achieved the pres­ti­gious dis­tinc­tion of be­ing ranked among the Forbes Top 25 Listed Com­pa­nies in Oman.

The pres­ti­gious Forbes rank­ing fea­tur­ing two lists of both listed and un­listed com­pa­nies in Oman was based on their fi­nan­cial per­for­mance in 2018.

The award was handed over by H E Talal Su­laiman al Rahbi, deputy sec­re­tary gen­eral of the Supreme Coun­cil for Plan­ning, to Hamza al Ajmi, AGM - Re­me­dial Credit & Re­cov­ery, Bank Mus­cat, at a spe­cial awards func­tion hosted by Forbes Mid­dle East in Mus­cat re­cently.

Thank­ing Forbes for the pres­ti­gious award, Ajmi said, “As a for­ward look­ing fi­nan­cial in­sti­tu­tion, Bank Mus­cat strives to es­tab­lish its lead­er­ship role in all realms of ac­tiv­i­ties and is im­mensely proud to be ranked in the Top 25 Listed Com­pa­nies in the sul­tanate.

“This recog­ni­tion en­dorses the bank’s lead­er­ship po­si­tion in Oman, which is the re­sult of cus­tomer-cen­tric bank­ing and pi­o­neer­ing sus­tain­abil­ity ini­tia­tives along with the adop­tion of global best prac­tices in the bank’s pur­suit of over­all ex­cel­lence, while also con­tribut­ing to the growth and de­vel­op­ment of the na­tion.”

It was the first event hosted in Oman by Forbes Mid­dle East dur­ing which it awarded the coun­try’s most suc­cess­ful com­pa­nies. The awards cer­e­mony was at­tended by over 150 dig­ni­taries, guests and cor­po­rate ex­ec­u­tives from across Oman. The winners are fea­tured in the De­cem­ber 2019 edi­tion of Forbes

Mid­dle East mag­a­zine, within a spe­cial Oman re­port.

In or­der to list the top com­pa­nies, Forbes Mid­dle East gath­ered in­for­ma­tion from the MSM and eval­u­ated mar­ket value, sales, as­sets and prof­its. Com­bined, the Top 25 listed com­pa­nies have ap­prox­i­mately US$111.8bn worth of as­sets, and last year made US$18.6bn in rev­enue and US$2.1bn in profit.

Bank Mus­cat posted a net profit of RO141.43mn for the nine months ended on Septem­ber 30, 2019, com­pared to RO134.74mn re­ported dur­ing the same pe­riod in 2018, an in­crease of 5 per cent.

To­day, the bank has the largest net­work of e-chan­nels in the coun­try, which pro­vide con­ve­nience and se­cure bank­ing ser­vices across the sul­tanate. In keep­ing with tech­no­log­i­cal de­vel­op­ments, the bank’s dig­i­tal chan­nels are wit­ness­ing tremen­dous growth.

It is im­por­tant to note that Bank Mus­cat has won mul­ti­ple awards in the re­cent past in­clud­ing be­ing cho­sen as the Best Bank in Oman by pres­ti­gious in­ter­na­tional pub­li­ca­tions like

Global Fi­nance, Euromoney and Emea­fi­nance.

Bank Mus­cat also won Mus­cat Se­cu­ri­ties Mar­ket’s (MSM) Qual­ity of Dis­clo­sure Award in 2019 in recog­ni­tion of its timely dis­clo­sures and trans­parency.

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