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Bank Muscat SWOT and PESTLE Analysis

ID : 5261353| Oct 2018

COMPANY PROFILE -Bank Muscat

Business Sector :Banking and Financial Services

Operating Geography :Asia, Oman, Middle East

About Bank Muscat :

With assets of over 11.9 billion USD, and a presence through 100 branches, 280 ATMs and a strategic stake in Bank Muscat International (BMI), Bank Muscat is the largest bank in Oman. The bank is headquartered at Seeb. It was founded in 1982. The Bank employs 3,712 persons.

Bank Muscat Revenue :

Operating Income US $ 1058 million (FY ending Dec 2015)

Competitive Analysis of Bank Muscat

SWOT
PESTLE
The SWOT analysis for Bank Muscat is presented below:
Strengths
Weaknesses
1. Flagship financial institution in Oman
2. Strong financial fundamentals
3. Successful Islamic Banking Operations
4. Large corporate clientele
5. Technology investments
1. Low fee based income
Opportunities
Threats
1. Vision 2020 Oman
2. Oman’s demographics
3. Industrial and infrastructure projects
4. Regional expansion
1. Short term economic shocks
2. Turmoil in the Middle East
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Detailed SWOT Analysis of Bank Muscat

Strengths

1. Flagship Financial Institution in Oman: It is the largest Bank in Oman with strong presence in all banking services. It has a network of 150 branches in Oman, 2 foreign branches, and 2 representative branches, nearly 650 ATMs & CDMs and 10,000 PoS terminals. Customer base exceeds 1.76 million. It has a workforce of 3500+ employees. Moreover, it has been the recipient of best bank award in Oman from many agencies.

2. Strong Financial Fundamentals: Bank Muscat has been maintaining Capital adequacy Ratio (CAR) consistently around 16 % for the last 4-5 years which is one of the healthiest in GCC (Gulf Co-Operation Council). It has Operating profit & Net profit ratios growing at a CAGR of 9.5 % & 16.50 %. Further it has a very healthy NII (Net Interest income), growing at a rate of 6.9 % YoY (1). Capital Adequacy Ratio (CAR), the most significant ratio in any bank is the healthiest in Bank Muscat, consistently around 16 % for the last 4-5 years. To complement it are the other financial indicators like asset base, gross deposits and loans, net profit which are in sound position. Also its assets and net profit is more than three times its nearest competitor, Bank Dhofar (2).

3. Successful Islamic Banking Operations: Bank Muscat has a well-established Islamic banking offering – Meethaq. Its Islamic financing portfolio has grown by a CAGR of over 60% in the last four years. It has 16 dedicated branches for niche Islamic banking offerings which are sharia compliant and offers comprehensive portfolio of products (2).

4. Large Corporate Clientele: Bank Muscat has a large corporate client base with more than 6200 customers and is the leading lender for top tier organizations in Oman and possesses strong project financing capabilities. It provides the complete spectrum of y of corporate banking services and its Corporate Loans stand at US$ 11.08 billion far ahead of its nearest rival Bank Dhofar whose corporate lending stands at US$ 3.81 billion as of March 2016 (2).

5. Technology Investments: Bank Muscat’s investments in technology over the years has is paying off with increased degree of sophistication leading to higher efficiency and cost savings. Its digital banking channels - e-payments and web services have not only increased the sales and service portfolio but has also resulted in better customer experience (2).

Weakness

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Opportunities

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Threats

1. Short Term Economic Shocks: Oman economy vulnerability to crude oil prices may hamper growth in the country, in the short term. Oman’s shift to diversified economy also could be time-consuming (1).

2. Turmoil in the Middle East: Continued turmoil in Middle Eastern countries especially Syria, Iraq, Lebanon and Yemen is a consistent threat to the overall business in the region and the banking sector.

References

(1) Bank Muscat Annual Report 2015: http://www.bankmuscat.com/en-us/InvestorRelation/fi/AnnualReports/Annual%20Report%202015%20English.pdf

(2) Bank Muscat Investor Presentation: http://www.bankmuscat.com/en-us/InvestorRelation/fi/Presentation/Investor%20Presentation%20May%202016.pdf

(3) CBO’s annual report forecasts positive outlook for Omani economy: http://timesofoman.com/article/87385/Business/CBO's-annual-report-forecasts-positive-outlook-for-Omani-economy

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Bank Muscat SWOT and PESTLE analysis has been conducted and reviewed by senior analysts from Barakaat Consulting.

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Bank Muscat SWOT and PESTLE Analysis
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