Bank Muscat, the leading financial services provider in Oman, has been recognized with the Best Performing Company Award in the Large-Cap category at the Alam Al Iktisaad Awards 2024, held at the Sheraton Oman Hotel. The ceremony took place under the auspices of H.E. Sheikh Sabbaa Hamdan Al Saadi, Secretary General of the Secretariat General of National Celebrations, and was attended by prominent business leaders, officials from public joint-stock companies, the Muscat Stock Exchange, and key figures from the private sector. The award was received on behalf of the Bank by Ilham Murtadha al Humaid, General Manager of Corporate Banking at Bank Muscat.
This annual event honours top-performing companies listed on the Muscat Stock Exchange that have demonstrated exceptional growth. Bank Muscat’s continued strong revenue growth was driven by enhanced operational performance and effective asset and liquidity management, leading to an increase in net interest income.
On this occasion, Ilham Murtadha Al Humaid, General Manager of Corporate Banking at Bank Muscat, expressed her pride in the recognition, stating: “This award reaffirms Bank Muscat’s leadership in the banking sector and its excellence in delivering exceptional services and products to both individual and corporate clients. The Bank continues to align with the latest industry trends, providing sustainable value and contributing to smoother, faster, and more secure banking transactions through the adoption of new digital channels and modern technologies.”
She added: “This accolade adds to the Bank’s long list of achievements, and we will continue to offer top-tier banking services that meet the evolving needs of our customers. This is a testament to our commitment to the bank’s vision, ‘To Serve You Better Every Day.”
Bank Muscat reported a net profit of RO 112.12 million for the period, reflecting a 7.5% increase from the RO 104.32 million reported in the same period of 2023. Net Interest Income from Conventional Banking and Net Income from Islamic Financing reached RO 190.63 million for the six-month period ending 30th June 2024, compared to RO 184.71 million in 2023, marking a 3.2% rise. Additionally, Non-Interest Income rose by 13.2% to RO 75.27 million from RO 66.48 million over the same period, driven by improvements across various business lines.
As a testament to these achievements, Bank Muscat has earned numerous prestigious local, regional, and international awards. These include the Gold Award for Innovative Corporate Banking from Infosys Financial Innovation, the Best Digital Corporate Bank from Global Finance, as well as accolades from renowned institutions such as Euromoney and EMEA Finance, among others.
