Oman: Best Digital Bank 2021
Oman’s macroeconomic troubles just can’t keep a solid institution like Bank Dhofar down.
In a report published in March 2021 explaining why Bank Dhofar’s investors can’t bet on an upgrade anytime soon, Fitch Ratings cited the close correlation between the Omani sovereign rating, which is BB-, and the bank’s credit profile. Yet, even as gyrating oil prices hit government coffers, Bank Dhofar is more than holding its own.
Net profit rose 2.16% to $23.4 million in the quarter ending March 31, 2021 from a year ago. Total bank assets topped $11.7 billion as of March 31, a 3.44% increase from the same quarter last year. Net loans, advances and financing to customers rose 3.76%. Gross non-performing loans fell marginally to 4.55% from 4.57% a year earlier.
This modest but steady growth is precisely what CEO Abdul Hakeem Omar Al Ojaili plans to continue delivering. The team at Bank Dhofar is adopting a cautious approach to see what the pandemic means for the economy and the local banking scene.