Muscat, March 9^th 2016 – Oman Arab Bank (OAB) announced its audited financial results for the year ended 31^st December 2015. The Bank posted a net profit of RO 29.01 million for the year 2015 compared to RO 28.40 million reported in 2014. The Bank registered strong income and balance sheet growth in 2015 while strategic investments were made to upgrade the Bank’s infrastructure and build sustainable business momentum.

Net interest income rose by 12% for the year ended 2015 to reach RO 49.13 million while non-interest income stood at RO 30.62 million, a 9% rise compared to the previous year. The increase in top line income was largely due to a robust growth in balance sheet during the year. OAB’s net loans and advances increased by 21% to reach RO 1.52 Billion while customer deposits also rose by 9 % to reach RO 1.60 Billion as of 31^st December 2015. Operating expenses for the year ended 31^st December 2015 were higher at RO 43.523 million compared to RO 37.416 million for the same period in 2014. The capital adequacy ratio of the Bank is 14.28% as at 31^st December 2015, which is well above the regulatory requirement of 12.625%.

The Bank’s Shari’a compliant window, Al Yusr, also showed positive growth with the Bank’s Islamic financing receivables more than doubling to RO 49.9 million as of 31^st December 2015 compared to RO 20.83 million as of 31^st December 2014. Customer deposits in the Islamic Banking segment also increased significantly to RO 49.39 million as of 31^st December 2015 compared to RO 12.49 million in the same period of the previous year. Al Yusr has expanded to a nationwide footprint of seven branches located at Muscat, Al Buraimi, Sohar, Ibra, Nizwa and Salalah.

“Our 2015 financial performance demonstrates Oman Arab Bank’s underlying ability to continue growth while managing risks in challenging conditions within the region,” said Amin Al Husseini, Chief Executive Officer, Oman Arab Bank. “In 2015, we have commenced a transformational journey to enhance customer experience through our delivery channels including brick and mortar branches. We are investing in our franchise, to build on our already strong heritage of trust”.

He added, “Oman Arab Bank has consistently delivered business growth over three decades which has advanced us into a reliable, trusted and accomplished institution that adds value to customers, employees, shareholders and the wider community.”

OAB was established in 1984 following the acquisition of Arab Bank’s branches in the Sultanate. For over 30 years, Oman Arab Bank (OAB) has been an active contributor to the Sultanate’s ongoing growth and development by offering customers and organizations of all sizes innovative solutions complemented by in-depth local and international expertise. Today, OAB provides a comprehensive suite of products and services in Retail banking, Corporate and Project Finance, Investment Banking, Trade Finance and most recently, Islamic Banking. The Bank has provided financing for setting up major projects in Oman that have a wider economic impact including power generation, water desalination, aviation and infrastructure to name but a few.

Currently, the Bank operates more than 65 branches and offices, and more than 123 Automatic Teller Machines and Cash Deposit Machines in high footfall locations across the Sultanate that are supported by Arab Bank’s 600 branches spanning five continents. The Bank’s principal shareholders are Oman International Development and Investment Company SAOG (51%) and Arab Bank PLC (49%).

Muscat, March 2016 – As part of its strategy to support the government’s Omanisation efforts, Oman Arab Bank (OAB) participated in the recently organized Sultan Qaboos University (SQU) Career & Training Opportunities Fair 2016, held under the auspices of His Excellency Dr. Abdullah bin Nasser Al Harrasi, Chairman of the Public Authority for Radio and Television. OAB’s participation, represented by its Human Resources Division, emphasizes the Bank’s dedication to systematically recruit, develop and nurture Omani talent across all functions, departments and branches. The Bank’s Omanization strategy is not about employment only, but also includes various training and development programs that aim to equip recruits with the tools and skillsets for success to take up future leadership roles within the Bank. Oman Arab Bank currently boasts a 94% Omanization rate.

This year, OAB’s participation was marked by allocating a special corner of the pavilion for receiving applications of specific jobs in addition to distributing flyers that outline the Bank’s recruitment and training policies as well as guidelines to apply for available openings. The pavilion also included a visual presentation showcasing OAB’s many achievements since inception.

Commenting on this participation, Adil bin Ali Al Rahbi, [Head of Employee & Organizational Development/], said, “”OAB’s annual participation in this event reflects the Bank’s commitment to recruiting, developing and retaining Omani talent from various disciplines. It also presents a great opportunity for students and graduates to discover the various training and development programs available for different specialties.”

Al Rahbi added, “We are committed towards a strategic Omanization by attracting Omanis and honing their capabilities through specialized scholarship opportunities, digital and on-the-job training courses, professional certification programs as well as leadership training for future senior roles at OAB.”.

Every year, the Bank welcomes a number of students and graduates to the OAB Family from across the Sultanate’s colleges and universities. The Bank also offers its existing employees training and development in addition to scholarships with the College of Banking and Financial Studies to learn about the industry’s latest trends and ensure their full capability to deliver a second to none banking experience. As part of its internal initiatives, the Bank also recently launched “Mukafaati”, an incentive program that revolves around rewarding staff for their achievements and aims to create a positive working environment and promote teamwork and constructive communication between management and the employee.

Muscat, March 23^rd 2016 – As part of its steadfast commitment to protecting the environment, Oman Arab Bank (OAB) recently turned off all non-essential lighting at its Head Office in Ghubra to mark Earth Hour 2016. In addition, the Bank also encouraged all its employees across its nation-wide footprint to do their part and help save the environment for the Hour.

OAB’s Head Office is essentially an environmentally friendly building. It is fully equipped with auto sensors throughout all offices and corridors, which means that lights are only used when necessary and a considerable amount of power is saved on a regular basis.

Mutassim bin Hamoud Al Zadjali, Head of Corporate Communications at Oman Arab Bank,  commented, “We believe that safeguarding our eco-system and limited natural resources is the responsibility of each and every single person living on this planet. Oman Arab Bank has been observing Earth Hour for many years now and has successfully and proudly adopted a wealth of measures that aim to enhance energy efficiency, minimize waste, and of course, protect our precious planet.”

OAB has always encouraged its staff to conserve when possible and strongly advocates a paperless working environment. The Bank has also introduced a number of technology driven initiatives that aim to protect the environment while interacting with its customers including e-statements and SMS notifications among others.