BankMuscat, the leading financial institution in the Sultanate of Oman, has announced the financial results for the nine months of the year ending September 30, 2008 in an address to shareholders following the approval of the Board of Directors.
The Bank has reported remarkable growth figures, recording an increase of 43.9% in net profit, 27.31% in net interest Income and 39.31% in operating income as against the corresponding period in 2007.
Sheikh AbdulMalik bin Abdullah Al-Khalili, Chairman of BankMuscat, said, “BankMuscat continued its exceptional performance owing to the liquidity planning and implementation during the year which helped manage funds efficiently and optimally. The dynamism of the local economy is very evident when you consider that customer deposits and savings deposits have grown by 23.8% and 38.7% respectively as of September 30, 2008.”
He added, “At a time when cross-currents of the prevailing global financial crisis are impacting economies and financial institutions across the world, BankMuscat maintained its growth rates, thanks to its prudent investment policies underpinned by sound capital management strategies, thereby honouring the trust reposed in the bank by valuable investors and over 700,000 customers. BankMuscat continues to forge vibrant investment strategies that always identify the interests of core investors and customers. ”
“Our key business lines have continued to turn in impressive performance, earning us the ‘Best Bank in Oman’, ‘Best Trade Finance Bank and Provider’ and ‘Best Forex Bank and Provider’ awards from Global Finance during the period and this augurs exceptionally well for the Bank and more so for our customers. I would like to take this opportunity to extend my gratitude to all our customers and associates for their continued support”.