A testament to its position as a market leader and its growing global reputation, National Bank of Oman (NBO) has been recognised among Forbes Middle East’s Top 100 Companies 2020. The publication’s annual list ranks the largest and most profitable companies on the region’s stock exchanges and analyses their market value, sales, assets, and profits. With the banking and financial services sector making up almost half of this year’s entries, NBO’s inclusion demonstrates its success as it continues to raise the bar on innovative and value-laden banking services.
Chairperson, Amal Suhail Bahwan, said, “This is a proud moment for NBO and our inclusion in the list for the first time testifies to the fact we are emerging as a major player in the Middle East and a reflection of the soundness of our strategy and our strong ability to execute it. Although these are unprecedented and challenging times, we are confident of our path, as with fortitude and resoluteness , we continue to drive the country’s banking sector.”
Sayyid Wasfi bin Jamshid Al Said, Acting CEO of NBO, added, “The strong prevalence of banks on the list shows that they continue to be one of the most valuable sectors in the region’s stock markets, offering a safe haven for investors. Despite the economic impact of coronavirus, NBO has managed to remain agile and resilient, and our focus on digitalisation has helped us to quickly adapt to a rapidly altered landscape while continuing to support our customers. We are proud to have been included on Forbes’ list and take it as a welcome confirmation of our uncompromising commitment to innovation and our customer-first approach, as we continue to drive Oman’s banking sector.”
NBO has celebrated several accomplishments during the last year. Similar to the market, the bank’s earnings were stable and it remains one of the most profitable banks in the sector, a result of the active diversification of revenues and balancing investments and expenditures in line with growth in revenue. Its performance is also consistent with long-term goals to provide the highest returns to shareholders while prudently building a sustainable and thriving business, and throughout the year it continued to work to create value for its customers through innovative products and services.
Founded in 1973, NBO was the first incorporated bank in the Sultanate. Today, the bank prides itself on a forward-thinking strategy, investing heavily in innovation and technology as its pioneer’s Oman’s digital disruption, while providing its customers with the best in modern banking. Looking forward, NBO is continuing to work on its commitment to being the ‘bank of choice’, driving its strategic goals in alignment with the wider vision for the Sultanate’s sustainable prosperity.