OAB No 1 Bank in Oman

Vienna/Muscat (7.8.2009) – BGS Smartcard Systems’ valued customer, Oman Arab Bank (OAB), has been awarded the 'No 1 Bank in Oman' in the Business Today - Ernst & Young's Banking and NBFC Survey conducted recently.

Despite the current worldwide economic slump and the financial downturn, OAB achieved the highest return on equity, highest return on assets among all banks (29 per cent and 3.47 per cent, respectively) in Oman during 2008. This achievement was primarily due to the sound banking and lending policies of Oman Arab Bank and its active participation in infrastructural and developmental projects. Furthermore, major developments on the retail and corporate banking front in terms of launching new innovative products and services, catapulted OAB from the fourth position in 2007 to the top of the seven banks included in the survey. OAB gained a phenomenal 136 points over the previous year at 330 points which was 31 points ahead of Bank Muscat, the largest bank in Oman, and the winner in the last two years.The financial ratios were worked out by Ernst & Young's Muscat office from the 2008 annual reports of the respective banks. All banks were ranked on 14 individual parameters. The final ranking was arrived at by adding up individual scores with Oman Arab Bank taking the No 1 position. The Business Today - E&Y Banking and NBFC Survey is one of the most comprehensive assessments of the Omani banks and non-banking finance companies.