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BANK DHOFAR
Operating efficiency accelerates growth
 The year 2006 was good for Bank Dhofar. The Bank’s 26.38 per cent growth in
revenue ensured that it notched up two positions to rank 11 from 13 last year.
During the year, the total assets of Bank increased to RO694.79 million as
compared to RO618.22 million in 2005, representing a growth of 12.39 per cent.
Loans and advances to customers grew by RO77.88 million to RO548.82, an increase
of 16.54 per cent. The customers’ deposits grew by 9.96 per cent to RO497.14
million from RO452.13 million at the end of 2005.
The Bank’s operating efficiency improved in 2006 with the ratio of total
operating expenses to total operating income decreasing to 38.99 per cent as
compared to 43.93 per cent in 2005. In 2005, the Bank made additional provisions
of RO2.65 million for impaired loans and recovered RO3.52 million from the loans
impairment provisions.
During 2006, the Consumer Banking Division (CBD) was restructured to meet the
competition and it has continued its efforts to enhance and develop value-added
products and services. CBD focused on expansion and diversification of
distribution channels. This included relocation and renovation of some branches,
and launching of new products like Deposit and Bill Payment Machines and
enhancing of ‘Al-Heson’ Cash Prize Saving Scheme. The ATM Network was expanded
by six more machines, including ATMs located in Al-Maha filling stations.
The year proved to be another successful year for the International Banking unit
as well. The Bank secured a US$100 million syndicated loan facility for three
years with a view to further improving the balance sheet structure, specifically
matching the maturity profile of assets and liabilities. Twenty international
banks from USA, Europe and Middle East participated in the facility. “The
accelerated economic growth in Oman and in neighbouring countries would help the
Bank to grow and show a better performance in 2007,” Eng. Abdul Hafidh Salim
Rajab Al-Aujaili, Chairman, Bank Dhofar, said in the firm’s annual report.
√ Back
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May -
2007 |
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Cover Story |
Oman’s Leading Listed Companies in 2006
Mukhtar Hasan analyses Oman’s
largest listed companies in 2006, based on revenues and other
financial parameters. |
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Other Headlines |
Bank Sohar:
Surfing on SMEs
A sixth bank has appeared on Oman’s
financial horizon after 12 years. Abhijit Sinha checks out CEO Nani
B. Javeri’s start-up USP of ‘not just selling a product but also a
solution with that product’ |
Enter the chill-out zone
The AC and refrigerating unit market is soaring regionally as well
as globally, with changing customers’ profile and cutting-edge
technologies adding value to the products |
‘Amouage is a roving ambassador for Oman’
One of the most successful Omani brands, Amouage is on the threshold of a major makeover exercise. David Crickmore, CEO, Amouage talks about the new marketing strategy and growth plans in an interview with Akshay Bhatnagar… |
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An Issue Ignored Is A Crisis Invited
In the quest to achieve its strategic
objectives, an entity has to ensure that it has sound issue
management practices in place to meet the expectations of its
stakeholders, externally and internally. OER looks at what issue
management is all about and its growing importance in today’s
increasingly complex corporate world |
X Means Exhilaration
The new BMW X5 smoothly combines
dynamic driving capabilities, luxury and impeccable technology. A
test drive report by Anne Kurian |
Case for enhancing inter-Arab trade
The 22 Arab nations should look at
realising trade opportunities among themselves, writes Dr Jasim
Husain Ali |
When Dividend stocks in an uncertain market
The coming days may not be smooth
sailing for equity investors, writes Matein Khalid |
Oman is a hidden treasure
Realising the growing stature of
Oman’s oil and gas industry, Atlas Copco, the world’s only
manufacturer of ISO certified oil-free air compressors, opted for
Oman as the venue of its first Oil and Gas MaXimiZe course. Sunil
Kumar Singh caught up with the organisers |
China’s Middle East Policy
The likely result of the intense
competition in Central Asia could mean that the Chinese majors may
be looking to place their investments in fields closer to home, away
from the Gulf |
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What to do next?
Managers devote time to
strategy-making because they want some degree of certainty that they
can direct their firm towards success |
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A novel to Communicate!
Oman Mobile recently launched Corporate Private Network for its NAMA post-paid
connection with loads of benefits for customers at down-to-earth prices |
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Opening the doors
Smart Manufacturing conference was an exceptional networking and knowledge
transfer event granting manufacturers a chance to enhance their bottom line. An
OER report on the recent two-day event |
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The Wave, Muscat
An Idyllic Island Lifestyle |
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Regulars |
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