The Omani lender is using innovative technology and robust initiatives to promote social development in the sultanate.
The role of corporate social responsibility (CSR) initiatives and sustainability has become increasingly significant for banks as they aim to align their business operations with the broader goals of society.
Lenders such as Bank Muscat have been actively involved in CSR programmes that contribute to the social, economic and environmental development of their communities.
Moreover, banks are leveraging digital solutions to enhance the customer experience and provide convenient and accessible services. This is evident from the surge in registered mobile and internet banking users at Bank Muscat, reflecting the lender’s commitment to leveraging advanced technology to meet evolving customer needs.
Key growth factors
Bank Muscat’s success can be attributed to several key factors significantly contributing to its growth and development. Notably, net interest income from conventional banking and net income from Islamic financing totalled RO344.86m in 2022, registering a 2.8 per cent uptick from the previous year. Additionally, non-interest revenue grew by 12.9 per cent, primarily due to higher investment income.
One of the factors has been the bank’s focus on strengthening its customer service offerings by leveraging advanced technology and digital banking solutions to meet the evolving needs of its clients. As a result, registered mobile and internet banking users have surged to 1.4 million, reflecting the lender’s commitment to providing convenient and accessible banking services.
Ensuring CSR goals
In addition, Bank Muscat has continued its essential role in supporting small and medium enterprises (SMEs) in Oman by providing a free, advanced entrepreneurial programme to 30 top performers from the lenders’s Al-Wathbah SME Academy.
Bank Muscat’s dedication to CSR and sustainability remained unwavering throughout 2022 through several programmes and one-off activities, supporting various social investment pillars. The lender’s CSR initiatives have been centred around the pillars of youth and sports, economy, education, environment and social welfare.
Bank Muscat has also completed its Tadhamun programme for the 10th consecutive year in partnership with the Ministry of Social Development. This initiative has provided household appliances to more than 200 families on social welfare across different governorates in Oman. In addition, the lender participated in the annual ‘Fak Kurba’ initiative organised by the Oman Lawyers Association for the fifth consecutive year, and contributed to securing the release of individuals convicted of financial default in 260 humanitarian cases.
Furthermore, Bank Muscat has extended its support to 20 additional sports teams from different governorates during the year through the Green Sports programme. This brings the lender’s total number the total number of beneficiaries to 163 teams comprising more than 50,000 members across the sultanate.
Bank Muscat’s success in its various business verticals and its commitment to CSR and digital banking initiatives make it a benchmark for financial institutions seeking to build a better future.
Bank Muscat has been named the Best Retail Bank – Oman at the Mena Banking Excellence Awards 2023.