HSBC bank Oman Q1 profit up by 91%

HSBC Bank Oman S.A.O.G. has announced its financial results for the first quarter of 2013 reporting that Net Profit increased by 91% to reach RO 5.7m.  HSBC Bank Oman also posted an increase in Net Interest Income of 124% to RO 11.6m.  Reflecting the costs of the integrated bank, Operating Expenses increased by 167% to RO 12.3m.

Simon Cooper, Chairman of HSBC Bank Oman said that the bank’s financial performance during the first quarter of 2013 demonstrated management’s progress in implementing the strategy of the merged entity.  He explained that after the focus during 2012 on the challenges of integration, 2013 has been directed towards refining the bank’s product proposition and training frontline staff while streamlining and standardising operations to improve the overall HSBC Bank Oman experience.

“We believe that having completed a complex integration, high levels of customer satisfaction are now vital for retaining and developing our existing customer base, attracting new customers and building long lasting relationships founded on transparency and trust.” said Cooper.

In line with this strategy, HSBC Bank Oman has introduced a series of training initiatives this year, the first of which was an accredited three day Customer Service Representative Workshop that combined operations, systems and product knowledge training to frontline staff.  This provided employees with the ability to contribute to HSBC Bank Oman’s success and be part of realising its goal of becoming the leading bank in Oman.

Cooper added, “We remain focused on improving career development and employment opportunities for Omani nationals, ensuring branches operate more efficiently and establishing a solid foundation to serve our customers more effectively.”

HSBC Bank Oman is the second largest bank in the Sultanate in terms of branch network, operating an extensive network of more than 80 branches and over 130 ATMs across the country.  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 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa.