HSBC Bank Oman posts 2013 annual results
HSBC Bank Oman S.A.O.G. (HSBC Bank Oman) announced its financial results for the year ended 31st December 2013, reporting its first full year performance as an integrated entity following the merger between HSBC Bank Middle East Ltd.’s branches in Oman (HSBC Oman) with Oman International Bank (OIB) in June 2012.
HSBC Bank Oman announced an 87.9% growth in net profit to reach RO10.9m. Net interest income was up by 20.0% to RO48.1m for the year ended 31st December 2013. The Bank’s operating expenses increased by 18.7% to RO57.8m, reflecting the running costs of the merged bank.
The Board of Directors approved the Bank’s 2013 annual financial results and dividend payout, subject to approval of the Central Bank of Oman and shareholders of the Bank at the Annual General Meeting. The Board proposed a cash dividend of RO0.0038 per share with a nominal value per share of RO0.100, amounting to RO7.6m for the full year 2013, representing a 280% increase over the previous year.
David Eldon, Chairman of HSBC Bank Oman said, “We have increased our proposed dividend payout to reflect our long-term strategy to deliver value to our shareholders while ensuring we build a strong capital base for growth.” He added, “In 2013 we saw continued progress and innovation in our products and services, and we have worked diligently to enhance customer service and operations in line with global HSBC standards. Through our community engagement activities, intensive staff training programmes and branch enhancement projects, we have reinforced our commitment to Oman and its people, building on the significant progress in 2012.”
Eldon went on to say:t “HSBC Bank Oman’s management team have ensured that operational, strategic and cultural elements of both OIB and HSBC Oman have now been fully integrated. Looking forward to 2014, Eldon said that HSBC Bank Oman will continue to enhance its customers’ experience and connect them to more opportunities, grow business profitably, invest in its people and systems, and ensure the Bank operates to the highest of global regulatory standards to achieve its aspiration of becoming the leading bank in Oman.”
“In 2013, we successfully enhanced our nationwide branch and ATM network, appointed three new senior Omani executives in key strategic businesses, who bring extensive local and international experience to the Bank, introduced a two-year graduate programme for emerging Omani talent, and delivered more than 6,500 classroom and e-learning training days to over 1,100 employees,” said Ewan Stirling, HSBC Bank Oman’s CEO. “We have also enhanced our digital banking proposition, reintroduced the Mandoos Savings Scheme, and demonstrated our ability to combine our global strengths with local expertise to help companies and individuals achieve their ambitions. We continued to play a positive role in the community throughout the year by supporting a number of environmental and educational causes,” he added.
Stirling added, “As part of the HSBC Group, we are taking tangible steps to set the industry standard for knowing our customers and detecting, deterring and protecting against financial crime.”
HSBC Bank Oman is the second largest bank in the Sultanate by branch network, operating an extensive network of more than 80 branches and over 120 ATMs across the country. Through its delivery channels, the bank offers a comprehensive suite of financial products and services designed to serve the needs of retail, corporate and institutional customers. Today, HSBC Bank Oman is part of a global network of 6,600 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa.
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