BankMuscat opens branch in Kingdom of Saudi Arabia

Notes and media contacts

About BankMuscat
With total assets of over US $ 7.7 billion, BankMuscat is the largest bank in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has a network of 97 branches and over 200 ATMs in Oman. International presence includes a representative office in Dubai; associates in India (Centurion Bank of Punjab) and Bahrain (BankMuscat International) and now a branch in Saudi Arabia.

BankMuscat has been voted the 'Best Bank in Oman' four times in a row by The Banker, FT London, six times by Euromoney and seven times by Global Finance Inc. The Bank was awarded the People Development Award at Oman Awards for Excellence, three years in a row.

BankMuscat achieved a net profit of US $ 156.9 million for the year ended 31 December 2006, an increase of 33% over the previous year. The return on average equity improved from 20.2% in 2005 to 21.9% in 2006, while basic earnings per share increased from US $ 0.151 in 2005 to US $ 0.189 in 2006. The Bank's total assets grew 48.2% to US $ 7.67 billion, net loans and advances portfolio grew by 33.7% to US $ 4,765.4 million and customer deposits increased 40.7% to US $ 4,719.8 million as at 31 December 2006. Bank's capital under BIS norms aggregated to US $ 915.9 million as at December 31, 2006 with a capital adequacy ratio of 15.42% (Tier I: 12.47%).

Contacts:
Sukanti Ghosh
Head - Corporate Communications
Tel: + 968 24768595
Fax: + 968 24787768

Suha Al Raisi
Officer - Corporate Communications
Tel: + 968 24768595
Fax: + 968 24787768

For further information, please contact:
Saloni Suri / Salma Al Habsi
ASDA'A Public Relations,
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
Oman, Muscat
Tel: +968 24562762
Fax: +968 24562763