Survey Reveals BankDhofar Among Best GCC Performing Banks

BankDhofar CEO Tony Mahoney

The annual Gulf Business Survey is a respected analysis and overview of the financial industry in the Gulf region. The survey this year points to a general trend towards moderate economic recovery throughout the GCC as well as showing Gulf banks in an excellent position, in many cases better than their international counterparts in the aftermath of the global financial crisis.

In particular, BankDhofar was shown to be one of the two best performing banks in the region. CEO of BankDhofar Tony Mahoney spoke about his bank’s ranking,

"We are currently implementing our strategic plan for 2012 to 2016 and we are extremely optimistic that it will bring us to where we want to be. Being rated amongst the top ten performing banks in the region by the Gulf Business survey is a solid step in the right direction to us achieving our vision to the best bank in the Gulf. The results of this survey reflect our ability to generate sound revenue growth and an increase in our profits to enable us to grow our business."

BankDhofar Takes Second Place in Bowling Championship

Bowling Team 2011

BankDhofar was just one among ten different regional banks taking part in the Bowling Championship for Banks which happened on Wednesday, August 24, at the Al Masa Mall Bowling Hall in Al Shati in Muscat.

The executive president of the Central Bank of Oman, H.E. Hamood Sangoor Al Zadjali was on hand as an honored guest, while bank representative Mr. Hani Habbib Macki, AGM for Strategy and Planning also was in attendance.

The goal of the Championship tournament was to create a positive social setting for bankers of different companies to be able to communicate and share ideas while also becoming better acquainted with one another.

The tournament is an annual event which is one component of a series of activities specially organized during the month of Ramadan.

BankDhofar hosts a wide variety of events which are directed towards encouraging employee motivation, spirit and morale. The range of activities varies from sports to workshops and courses plus entertainment. All the events contribute to building a well-functioning team with a strong and positive work culture.

BankDhofar Reporting First Half Loss Due to Legal Action

The period ending on June 30, 2011 was decidedly unfavorable as BankDhofar posted a loss of RO 4.55 million. This is an especially disappointing showing compared with last year’s gain of RO 17.73 million.

The Bank explained that the loss is related to the booking of RO 26.1 million as a result of a recently determined legal case.

“Although we have booked this loss in compliance with the relevant accounting standards, the Bank challenges the premise of this legal case and is exercising all legal actions to reclaim the amount and to protect the bank’s interests,” the bank stated in a disclosure notification to the Muscat Securities Market (MSM).

The bank has stated that it is taking every possible legal action to reclaim the funds in an effort to protect the Bank and its shareholder’s interests.