Oman: Best Domestic Bank 2021
Some banks can make the toughest of years look relatively easy to navigate. Bank Muscat is a tantalizing case in point. Tantalizing because the Sultanate of Oman’s biggest bank by assets made the most of volatile oil and gas prices, chaotic world markets and adjusting to a relatively new chief executive, Waleed K Al Hashar, who took charge of Bank Muscat in January 2019.
Under his leadership, the firm has got right to work redoubling efforts to safeguard bank staff, look out for clients under pressure and protect the balance sheet during the health crisis – efforts that earned it the best domestic bank and best corporate and investment bank awards for Oman this year.
After a rough 2020 for the Gulf region economies, the bank surprised on the upside in the three months to March 31, 2021. It reported a net profit of $122.46 million, a year-on-year jump of 41.8%. Its capital adequacy ratio ended 2020 at a robust 20.77%, well above the 13.25%