Awards for Excellence 2009: Oman
Best Bank: Bank Muscat
Yet again Bank Muscat takes the award for best bank in Oman. In 2008, the bank recorded a market share of 43.7% in total assets, 39.9% of total credit and 38.14% of total customer deposits. Its share of total savings deposits was 44.5% as at December 31. As part of Muscat’s effort to mobilize low-cost deposits, it launched certificates of deposit targeting OR250 million ($650 million) through auctions over a 12-month period, raising OR86.2 million in the first six CD issues. The aim of the CD programme is to develop a long-term yield curve for the Omani riyal.
As for the bank’s financial performance, its net profits were up by 82% at the end of March year on year. Total assets increased too, by 24.2%.