Awards for Excellence 2008: Oman
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Awards for Excellence 2008: Oman

Best bank: Bank Muscat

Bank Muscat dominates the Omani banking market, and it appears unwilling to let go of that position. In 2007, the bank’s total shareholders’ equity doubled to $1.6 billion. Its total assets grew 40% to $11 billion. Its operating income grew 30% to $500 billion, and its net income grew by a quarter to $324 billion. In the first quarter of 2008, the bank’s profit rose almost 40%.

Ratings agencies judge the bank either stable or positive. The new or renewed entry to the market of two competitors might make future decisions more difficult. Oman-based Bank Sohar launched in May 2007, and National Bank of Abu Dhabi is expanding its network in Oman.

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