HSBC Bank Oman Q3 2013 net profit increases by 20.6%

HSBC Bank Oman S.A.O.G. announced a 20.6% growth in net profit to reach RO12.7m. Net interest income stood at RO36.0m for the period ended 30 September 2013, a 34.8% increase compared to the same period last year. The Bank’s operating expense rose to RO 40.5m, reflecting the larger cost base of the merged bank. Customer deposits increased by 2.8% to RO1,927.8m.

David Eldon, newly appointed Chairman of HSBC Bank Oman, said, “We have made good progress on our strategic priorities and expect this positive momentum to continue. Our focus in the third quarter has continued to be on enhancing our customers’ overall banking experience. We have also been focused on driving business performance and streamlining our processes for greater efficiency. We have completed the first phase of our branch restructure. This is allowing us to deploy our resources more efficiently and will help us to deliver services and processes that are more effective and customer focused.”

Eldon went on to say that HSBC Bank Oman remains dedicated to developing its employees. A series of training programmes and internal campaigns have been delivered, aimed at creating an exceptional customer experience, which continue to put customers at the heart of everything it does. “Building on the plan developed to meet the Central Bank of Oman’s directives on Omanisation and to attract and develop Omani talent, HSBC Bank Oman successfully launched a two year graduate programme aimed at fostering leadership development and personal growth. We remain focused on identifying and developing existing Omani talent and are building succession plans backed up with leadership and career development programmes,” he said.

In support of this, HSBC Bank Oman recently announced the appointment of three new senior executives in key strategic business areas. Saud bin Said Al Shidhani joined the Bank as Deputy Chief Operating Officer, Abdul Qadir bin Ahmed Al Sumali as Deputy General Manager, Retail Banking & Wealth Management, and Sulaiman bin Said Al Lamki as Deputy Chief Risk Officer.

In line with its customer-focused strategy, HSBC Bank Oman introduced HSBC Secure Key during the first half of 2013 to provide greater online protection for customers. The Bank has since made further progress, enhancing its digital proposition so customers can enjoy the Bank’s mobile banking application’s enhanced security features, including sending remittances to customers locally and around the world. “Other digital banking developments are currently underway, which will make the way customers interact with us more convenient. These enhancements will clearly position us as the leading bank in Oman in terms of digital banking,” explained Eldon.

The Bank has also demonstrated its ability to leverage its global strengths and local expertise by acting as an issue manager for the RO52 million IPO for SembCorp Salalah Power & Water Company in September. The IPO represented the largest share offering in the Sultanate this year as well as one of the largest transactions in the Middle East, which was oversubscribed 8.3 times.

HSBC Bank Oman is the second largest bank in the Sultanate, operating an extensive network of more than 80 branches and over 130 ATMs across the country. Through its delivery channels, the bank offers a comprehensive suite of financial products and services designed to serve the needs of retail, corporate and institutional customers. Today, HSBC Bank Oman is part of a global network of 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa.