HSBC Bank Oman announces its results for the year ended 31 December 2014
HSBC Bank Oman S.A.O.G. announced a net profit of RO12.2m for the year ended 31 December 2014, which represented an 11.9% increase over the previous year. Net operating income before loan impairment charges increased by 3.3% to RO71.0m compared to RO68.7m for the year ended 31 December 2013. Net interest income increased by 1.7% to RO48.9m for the period ended 31 December 2014, up from RO48.1m in the previous year. Net fee income increased by 9.6% to RO12.6m in comparison to RO11.5m for the year ended 31 December 2013.
The Board of Directors approved the Bank’s 2014 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 RO0.0055 per share with a nominal value per share of RO0.100, amounting to RO11.0m for the full year 2014.
David Eldon, Chairman of HSBC Bank Oman, said, “At our Annual General Meeting last year, we talked about how we had spent a lot of time and effort putting in place a stronger foundation for the future as we continue on our journey to become the leading bank in Oman. I am pleased that through the implementation of our strategy, we have been able to evidence this in these results, by growth in our revenues and diligently managing our costs, along with strong growth in the balance sheet through a noticeable increase in loans and advances to our customers. This has been achieved within a framework of delivering excellence in customer service at all times.”
Eldon added, “HSBC Bank Oman is a proud local bank, and one that has a unique advantage in its ability to combine local expertise with HSBC Group’s international connectivity. Our customers have benefited from this compelling proposition and this is something we will continue to exploit.”
“In 2014, we saw the positive results of our more focused customer-centric way of serving customers in our Retail Banking & Wealth Management business, with good levels of customer acquisition, particularly in key customer segments of Advance and Premier, coupled with similarly strong growth in asset acquisition,” commented Andrew Long, Chief Executive Officer, HSBC Bank Oman. “On the corporate side, our local expertise combined with our international capabilities enabled us to drive strong growth in new deals with customers.”
Long continued, “In support of the national people agenda, we have strengthened our management team by appointing Omani talent in two General Manager roles. We have continued to invest in further enhancements to our already comprehensive digital banking proposition and also recognised the importance of Small and Medium Enterprises in the future of Oman’s economy by launching our International Growth Fund, to which we committed RO20m for Oman’s international and internationally aspirant SMEs. I am also delighted that during the year, our staff volunteered over 860 hours of support to various corporate sustainability initiatives, demonstrating the importance we attribute to the communities in which we operate across the Sultanate of Oman.”
Looking ahead, HSBC Bank Oman remains committed to delivering the very best experience for its customers at all times and through all customer touch-points, confident in its ability to take full advantage of both the opportunities that will arise and to tackle any challenges that lie ahead.
HSBC Bank Oman operates an extensive network of 75 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 6,200 offices in over 74 countries and territories in Europe, Asia, North and Latin America, the Middle East and North Africa.
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