National Bank of Oman (“NBO”) announced that it has been named the ‘Bank of the Year – Oman’ at The Banker’s 16th Annual Bank of the Year Awards. The prestigious accolade was presented to NBO at a ceremony held recently in London.
NBO received the award in recognition of its impressive financial performance showcased in 2014. The bank recorded all-time profit growth to reach more than OMR50 million. The Bank’s Tier 1 capital and total assets also increased by 9.7% and 2.7%, respectively, for the year. In addition, net loans, advances and financing activities were up 12% as operating income increased by 10%.
During 2014, National Bank of Oman continued to shine in a competitive market place, and has distinguished itself as a market leader with all-round impressive performance across parameters including branch expansion and product innovations.
The year 2014 saw the bank expanding its physical footprint both in the Sultanate and in the region. A second branch was opened in the United Arab Emirates, while the success of the bank’s Islamic banking window, Muzn, was supported by the opening of two new branches in 2014 and followed by a further three in 2015.
NBO also launched the MyChoice Rewards loyalty programme in 2014. The programme enables the bank’s customers to earn points for every Rial spent using credit or debit cards domestically or overseas. Reward points can then be redeemed at various airline, hotel and car rental partners globally, as well as a number of retail outlets in the country. Cardholders are also offered the flexibility to share points with their friends and family.
Mr. Ahmed Al Musalmi, CEO of National Bank of Oman, said: “We are proud to be recognized as the best bank in the Sultanate of Oman. This award confirms our relentless efforts to introduce innovative solutions that address specific customer needs, it also reflects our ongoing commitment to delivering a consistently superior banking experience across all our customer touch-points to be the bank of choice.”
The Bank was also recognized for its successful issuance of a five-year $500m bond in 2014, a much-needed step in diversifying its funding base as well as lowering its funding costs. The issuance was more than three times oversubscribed, pointing to the high levels of investor confidence in the bank’s future growth potential.
Administered by The Banker, a sister publication of The Financial Times, the Annual Bank of the Year Awards is the most prestigious of its kind in the banking sector. A stringent evaluation process based on a balanced scorecard – taking into account earnings, asset quality, Tier 1 capital growth, returns on equity, in addition to evidence of setting new standards, product and technology innovation –  was used to determine the winners.