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Vol. 2, issue. 3, 2021, pp. 47-46
Small and medium-sized enterprises were got affected due to the lockdowns of COVID-19 and the businesses
got slowed down which in turn affected the economy (Mustapa and Mohamed, 2021). COVID-19 has also
impacted the banking sector globally. In the GCC region, because of COVID-19, the dividends were ‘slashed’
and it was stated that the dividends went down from $14.6 billion to $8.0 billion from 2019 to 2020
respectively (Times of Oman, 2021). The stock volatility has increased slightly and that there is a confirmed
presence of volatility (Insaidoo et al., 2021). In Istanbul, COVID-19 affected the banking sector negatively,
as it had suffered a decline in economic activities (Karaömer and Kakilli 2021). In India, during
the lockdown period, banks struggled with losses from their non-performing assets and have caused a decline
in the credit growth of banks especially in public sector banks (Singh and Bodla, 2020). Testing the resilience
of banks, it was found that different banks had different resilience (Ghosh and Samia, 2021).
Through financial performances, the health of an organization in terms of finances can be identified. There
are various methods to calculate financial performance. COVID-19 has impacted the economical and
budgetary landscapes and by using certain economic indicators, the impact could be understood on the effects
on the economy (Jose et al., 2021). In this study financial indicators were used to identify the financial
performances of the bank. The financial indicators used were Profits, Operating Income, and net interest
margin (NIM).
Research Questions
1. How had COVID-19 affected the financial performance of Bank Dhofar?
2. What were the financial performance indicators that will measure the financial performance during
COVID-19?
3. How had Bank Dhofar adapted during the period of COVID-19?
4. Has Bank Dhofar taken the right procedures during the period of COVID-19 in regards to financial
performance?
Research Objectives
1. To identify how had COVID-19 affected the financial performance of Bank Dhofar.
2. To identify and analyze financial performance indicators during COVID-19.
3. To evaluate how Bank Dhofar adapted to the changes that came with COVID-19.
4. To evaluate whether Bank Dhofar had taken the right action take to mitigate potential financial
performance damages.
Statement of the Problem
COVID-19 has affected all types of activities either to halt or to alter the way they operate. The Sultanate of
Oman, along with many other countries, had to enact rules and regulations in curbing the spread of the disease
by reducing the workforce by 50% in the place of work and reducing working hours in some sectors. It has
also introduced partial lockdowns within and between provinces and temporarily shut down other activities.
This has created more and more difficulties for businesses to survive and bring down the financial position
and the performances of the companies including banks. Bank Dhofar also got affected by COVID-19. It is
becoming essential to identify whether the preventive measures and the changes introduced to curb COVID-
19 and the regulations had an impact on the financial performance of Bank Dhofar, and to what extent the
impact was. It is also becoming necessary to find out whether Bank Dhofar adapted to the situation and What
actions were taken to cope up with the situation and in preventing financial losses if any. Further, it is also
becoming important to know the mindset of employees and therefore the study was undertaken.
Review of Literature
Impact of COVID-19
COVID-19 had a strong negative impact on the stock indices (Al-Najjar et al., 2021). Some sectors have a
strong impact and different impacts based on their size and the market (Golubeva, 2021). COVID-19 has
caused huge damage around the world and every organization is to minimize the damage (Mukherjea, 2010).
One of the major impacts of the pandemic was the loss of jobs by many due to certain businesses shutting
down, and an increase in energy and resource consumption causing loss or reduction of income (Abdulai &
Baffour, 2021). Banks in Germany had a variety of solutions and repercussions to reduce the damage that
was caused due to the pandemic (Flögel and Gärtner, 2020). It was claimed that small firms were the most
vulnerable to the shock and the damages as technology-aided is highly required in the recovery phases of
said organizations (
et al., 2021). Even some of the banking employees were laid-off and were not able
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to repay their loans, which caused the profits to decrease (Beck et al., 2020). Banks introduced new sanitary
procedures in relates to hygiene before entering the branches which caused dissatisfaction among the
customers and the employees (Alharthi et al., 2021). Government acting through public financial
management in such situations by making proper decisions that aid or increase the financial performance of
a country (Ball, 2020).
Measures to Overcome
To overcome the impacts of the pandemic, it was recommended to invest in a digitalized platform for business
activities that will aid in the growth of the digital economy (Ozili, 2020). COVID-19 has forced almost all
the companies and organizations in the country to move towards a digitized process for performing their
transactions thereby investing themselves towards creating a digitized environment (Rehman et al., 2021).
Governments, banks, and firms also started investing in digital programs, artificial intelligence, and online
securities as the shift towards a digitized working environment become smoother (Albitar et al., 2021). It is
expected during these times of uncertainty, organizations need to be transparent with their financial health
recording and reporting their financials ( , 2021). During this period of uncertainty, some of the banks
have adopted sweeping action and some others with ‘wait and see’ action to gauge the reaction during the
uncertain situation as a proactive measure compared to other sectors (Talbot and Ordonez, 2020). Despite
the negative impact COVID-19 had on the returns on stock, the lockdown had a positive impact on the stock
performance of the stock markets and the financial sector was the sector that got highly affected negatively
(Anh and Gan, 2021).
Efforts of the Banks
Commercial banks were able to predict certain government policies towards encouragement towards the shift
towards digital adoption (Mansour, 2021). The performance expectancy of internet banking, the effort
expectancy, and price range had influenced the willingness of adapting internet banking into the bank’s
system (Thaker et al., 2021). The factors aid in the success of E-banking was the proper management of
operations and the innovation of operations. These two factors were very crucial in the success of Electronic
Banking (Hway-Noon and Ming Yu, 2013). Further, the quality, service, privacy, and security factors were
crucial towards the attitude of moving towards internet banking. (Ofori et al., 2017). During the pandemic,
loyalty towards E-Banking has increased and customers felt it was safer for themselves both to perform
banking transactions using the electronic channels provided by the banks (Ul Haq and Awan, 2020).
The usage of mobile banking was influenced by several factors such as the present COVID-19 situation and
the dire need to adhere to social distancing, and therefore the policies and regulations regarding mobile
payment with the context of social distancing were developed and maintained (Sreelakshmi and Prathap,
2020). As there is no high risk reported to be involved in using a mobile banking platform and the younger
generation prefers to do banking through mobile platform mobile banking is becoming popular (Priya et al.,
2018). The trend of mobile banking and online banking has brought in the fold of banks the unbanked
customers in developing markets (Anderson, 2010). The success of mobile banking is due to the five
components viz. attributes, customer-based, social influence, trust, and barriers (Souiden et al., 2021).
Considering the growth in the digital market banking sector should utilize its growth to benefit themselves
and the nation, keeping in mind protecting public interests (Tsindeliani et al., 2021). Banks and nations
should utilize Digital Financial Inclusion (DFI) to maintain banking stability to reduce the crisis of liquidity
(Banna and Alam, 2021). Further, technological readiness has a significant positive impact on client
satisfaction in terms of self-service (Pooya et al., 2020). The introduction of compassionate policies might
help to prevent stress, absenteeism, decrease productivity and encourage the morale of the employees (Oruh
et al., 2021). In Ghana, though thousands of employees were laid off and various sectors lost huge amounts,
the country turned this into employment opportunities by investing in the health sector and provided support
to small and medium enterprises thereby increasing the morale of the community (Aduhene and Osei-
Assibey, 2021).
Research Methodology
This research follows a descriptive analytics research method. The primary data was collected using a
questionnaire. Samples were selected based on a random sampling technique. 30 samples were collected
from those who were related to and involved in the audit and accounting of the financial information services
of Bank Dhofar. The data was collected starting from April to June. The data was collected using an online
tool. Once the data was collected, the analysis was done using Microsoft Excel.
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The data were evaluated using this application. The following calculations were done as follows:
Calculation 1 : Percentage decrease in profit was calculated using the difference in profit figures divided by
the previous year's profit figure. i.e. Percentage in Decrease = Difference ÷ Profit (previous year) x 100
Calculation 2: Net Interest Margin (NIM) was calculated using the formula Difference between the interest
earned and interest paid divided by the average assets invested.
i.e. Net Interest Margin = (Interest Income – Interest Paid) ÷ Average Assets Invested where
Average Invested Assets = (Total Assets of Current Year – Total Assets of Previous Year) ÷ Number of
Years
Findings
Profit
Table 1 Profit of Bank Dhofar
(OMR in Millions)
Year
2015
2016
2017
2018
2019
2020
Profit
47
48
48
50
30
30
The profit has seen a significant drop between the years 2018 and 2019. The recorded percentage decrease
in profit was 39%. Between 2019 and 2020, there was no notable change in profits. The year 2020 had
COVID-19’s effect in full force.
Operating Income
Table 2 Operating Income
(OMR in Millions)
Year
2015
2016
2017
2018
2019
2020
Operating
Income
115
127
127
134
130
130
There was a major increase in operating profits of Bank Dhofar from 2015 to 2016, then it was stagnant in
2016 and 2017, then it reached its highest in 2018 and then dropped in 2019 and 2020. The decrease in
operating income was recorded at 2.2% only.
Net Interest Margin
Table 3 Net Interest Margin (NIM)
(Amount in OMR)
Interest
Average
Year
Income
Interest Paid
Invested Assets
NIM
2015
118173
33695
199467
0.423519
2016
141536
50750
179491
0.505797
2017
161499
76894
147333.5
0.574241
2018
174766
86848
-16610
-5.29308
2019
182125
85485
56177.5
1.720262
2020
174944
82725
-34411
-2.67993
Table 3 indicated that the profitability of Bank Dhofar decreased sharply in the year 2018, rose during the
year 2019, then dropped again during the year 2020. This indicated that during the years 2018 and 2020, the
investment of the bank decreased by 2%. The general accepted net interest margin (NIM) in US banks was
3% (Ross, 2019).
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Financial Highlights
Table 4 Income Expenditure Details
(OMR in 000’s)
Year/Activity
2020
2019
2018
2017
2016
Net Interest Income
92,219 84,489 87,918 84,605
90,786
Net Income from Islamic Financing and
Investment Activities
15,421 10,182
9,509
8,521
6,874
Non-Interest Income
22,353 35,133 34,426 33,801
29,691
Operating Costs
65,079 71,474 65,456 58,994
56,767
Operating Profit (before impairment
losses)
64,914 58,490 66,397 67,933
70,584
Profit from Operations
35,923 36,092 59,743 56,031
54,429
Net Profit for the Year
30,585 30,244 50,281 47,627
47,622
Source: Bank Dhofar website
Table 5 Assets Details
Year/Activity
2020
2019
2018
2017
2016
Total Assets
4,257,023 4,325,845 4,213,490 4,246,710 3,592,043
Net Loans, Advances and
Financing
2,911,900 3,063,350 3,158,844 3,248,873 2,988,592
Customer Deposits
2,861,315 2,943,188 2,924,504 3,068,409 2,885,189
Total Equity
695,864
686,155
698,162
587,007
534,000
Share Capital
299,635
299,635
280,033
225,786
189,920
Full-Service Branches
67
71
71
69
68
ATMs/CDMs/FFMs/MFKs
193
194
190
179
180
Staff
1,522
1,586
1,600
1,514
1,478
Source: Bank Dhofar website
Tables 4 and 5 provide the financial highlights of the bank. As seen from the tables, there is a decrease in
operations. Comparing operating profit before and after impairment losses. Other than that, there is not a
notable change in the financial performance of Bank Dhofar. The number of staff has increased over the
years, reaching its peak in 2018, and then continuously dropped in the year 2019 and further in the year 2020.
The number of active branches has also decreased, reaching the lowest in 5 years during 2020 with 67
branches. There is a decrease in customer deposits, net loans, and assets compared to the previous years –
2019 and 2020.
Demographic Details of the Survey Participants
Table 6 Demography of the respondents
Characteristics
Category
Freq.
%
Gender
Male
21
70.0
Female
9
30.0
20 – 30 years
21
70.0
Age
30 – 40 years
7
23.3
> 40 years
2
6.7
Nationality
Omani
26
86.7
Non-Omani
4
13.3
Finance
14
46.7
Department
Legal
4
13.3
Customer Service
9
30.0
Others
3
10.0
Most of the respondents were males and between the ages of 20 – 30 and Omani citizens. It is also can be
seen that most of the respondents were from the finance department.
Table 7 COVID-19 Effect on Work
Statement
SD
D
N
A
SA
COVID-19 has affected your Work
1
1
9
10
9
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3.3% 3.3%
30%
33.4% 30%
Based on the responses, the majority of respondents (63.4 %) agreed that COVID-19 has indeed affected
their work. 30% of the respondents neither agreed nor disagreed. Only 6.6 % of the respondents disagreed
that COVID-19 has affected their work. Therefore, it was confirmed that COVID-19 had indeed affected the
work of the employees of Bank Dhofar.
Table 8 COVID-19 Effect on Work Environment
Statement
SD
D
N
A
SA
COVID-19 has Affected the
3
0
5
12
10
Work Environment
10.4% 0% 16.6% 39.6% 33.4%
Based on the responses, the overwhelming majority of the respondents (73 %) agreed that COVID-19 has
indeed affected their working environment and has indeed shifted during COVID-19, while only 10.4 %
disagreed that the working environment has not changed. The remaining 16.6 % were indifferent whether
there was a change or not. Therefore, it was assumed that there was a change in the working environment.
Table 9 Preference of Work
Statement
SD
D
N
A
SA
Working from home is more efficient
2
13
8
5
2
than working at Office
6.7% 43.3% 26.7% 16.6% 6.7%
Based on the responses, the majority of the respondents (50 %) disagreed that working from home is efficient
than working at the office and they prefer working in the Bank itself rather than working at home while 26.7
% of the respondents were indifferent. 23.3 % of the respondents agreed that working from home is efficient
than working at the office and they prefer working at home.
Table 10 Impact of Lockdowns Rules and Regulations towards Financial Performance
Statement
SD
D
N
A
SA
The rules and regulations of COVID-
19 lockdowns have positively
2
17
7
3
1
influenced Financial Performance
6.6% 56.6% 23.1% 10.4% 3.3%
Based on the responses, the majority of the respondents (63.2 %) disagreed that the lockdown rules and
regulations had a positive influence on financial performance. i.e. Majority of the employees claimed that
the rules and regulations of COVID-19 lockdown negatively influenced the financial performance of the
bank. Only 13.7 % of the respondents agreed that there was a positive influence of the lockdown rules and
regulations on the financial performance and the remaining 23.1 % were neutral. There are some speculations
as to why the rules and regulations may have affected the financial performance. It could be because of the
rules, certain services, such as maintenance, for example, were slower, which impeded the efficiency of the
work causing an indirect impact on the financial performance. It could also because of the reduced workforce
from the bank as there was an increase of pressure to do certain functions, without sufficient employees
working in the branch, which could have caused a decline in efficiency impacting the financial performance.
Table 11 Opinion towards Precaution
Statement
SD
D
N
A
SA
Actions taken were Appropriate
1
5
12
10
2
3.3% 16.7% 40.0% 33.4% 6.6%
Based on the responses, the majority are indifferent towards the action taken. 40 % of the respondents agreed
that the actions taken were appropriate whereas 40 % of the respondents were neutral towards the changes,
and only 20 % of the respondents disagreed. These actions were lockdowns other such actions as stated in
Table 11 were preventative actions taken to halt/limit the spreading of COVID-19.
Table 12 Measure of Satisfaction
Statement
SD
D
N
A
SA
Employees were satisfied with
1
11
4
14
0
the changes
3.3% 36.7% 13.3% 46.7% 0%
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The majority of the respondents (46.7 %) agreed that the employees were satisfied with the changes and the
preventative actions are taken while 40% disagreed as they were not satisfied with the changes. The
remaining (13.3%) were neutral. This could have two implications. This could either mean that despite the
respondents feeling that the bank had taken proper precautions, the changes left a negative impression
towards them; for at least 40%. This could mean that they were not satisfied with the changes and the
alterations to the working environment that had occurred. As for the majority (46.7 %) of the respondents,
the satisfaction was because despite the changes they were grateful for the actions taken with the change in
working environments to combat the spreading of COVID-19.
Table 13 Regression Statistics
Multiple R
0.4999
R Square
0.2499
Adjusted R Square 0.0543
Standard Error
1.0679
Observations
30
Table 14 ANOVA
df
SS
MS
F
Sig. F
Regression
6
8.739 1.4565 1.2773 .306
Residual
23
26.228 1.1403
Total
29
34.967
Table 15 Coefficients
Coefficients
p-value
Intercept
5.572
.003
Q5
-0.266
.341
Q6
0.012
.958
Q7
-0.546
.024
Q8
-0.083
.712
Q9
0.089
.723
Q10
-0.445
.123
Tables 13, 14, and 15 show the results obtained from the regression analysis. The regression analysis was
carried out considering question 4 as the dependent variable and questions 5 to 10 as independent variables.
Based on the R square value (.2499), it can be inferred that 24.99% were the samples were influenced by the
proposition i.e. the employees of Bank Dhofar work affected (Porterfield, 2017). Though the impact was not
that high there was a negligible impact. Also, from the ANOVA analysis (Table 14) and the significance
value of F (.306), as the p-value is > 0.05 the claim is rejected i.e. it does not have a major impact (Porterfield,
2017).
Further considering the correlation coefficients, it can be claimed as per Porterfield (2017) that if the
coefficient values are positive there will be a positive effect, and a negative effect if the value is below 0.
Negative means that there is no correlation and positive means that there is a correlation. Further, the p-value
should be less than 0.05.
Table 16 Interpretation Details
#
between
Correlation
p-value
Interpretation
2
Q4 & Q5
Less
but > 0.05
Too difficult to ascertain if the departments of
positive
No impact
employees affected their work.
3
Q4 & Q6
Less
but > 0.05
Too difficult to ascertain whether the relationship
positive
No impact
between the working environment according to the
employees and their departments
4
Q4 & Q6
Medium
Close to 0. The employees prefer for working from home or
positive
working in the place ultimately depends on the
department they were in.
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5
Q4 & Q8
Less
but > 0.05
There is almost no correlation between departments
positive
No impact
of the employees and their opinions on the financial
performance.
6
Q4 & Q9
Less
but > 0.05
There is no correlation between the employees’
positive
No impact
working department and their opinions on whether
the proper actions were taken or not.
7
Q4 & Q10 Medium
Close to 0. For the most part, the level of satisfaction of
positive
Impact
employees depends on the department they are
working in.
Discussion
COVID-19 has indeed impacted the financial performance of Bank Dhofar. The net profits of the bank were
negatively affected. There was a decrease in profit starting from 2019. This was similar to the finding by
Khan & Al Maktoumi (2021). It was found that the reason for the decline was mostly because of investing
in a digitized platform and investing in opening technologically advanced branches. In 2020, the decrease
was because of provisions, towards precautionary action against disruption of business activities due to
COVID-19.
Operating income remained the same and consistent. It was confirmed that the banking activities such as
providing loans remained consistent while business opportunities and investment opportunities were
affected. The assets and liabilities were also consistent with previous years with not much of a change.
Although assets decreased from 2019 and 2020, so did the liabilities of the bank. In 2018 and 2020, the
average interest was negative.
The NIM also decreased in the year 2020, but not much in 2018. The NIM of the Bank was also affected
negatively. The bank either gained more assets or had an increase in revenue or had a decrease in liabilities.
The operating income of the bank was not affected by COVID-19 which indicated that the operations of the
bank were proceeding normally during COVID-19. But, there is a notable difference in the financial
performance of the Bank before and during COVID-19.
It was reported that there was a change occurred due to COVID-19. The way work was done in the Bank got
changed a lot and the working environment also had changed. This made the employees adapt to the changes,
whether they were aptly prepared or not. One of the major changes was that some employees were forced to
work from home, a task which many felt not efficient to carry out due to their reasons. This could have caused
a perception of decreased financial performance among the respondents. This might be the reason why some
employees seemed to be stressed to work. While a lot of the employees stated that the Bank and the Higher
Committee have taken the proper steps to combat the interview and questionnaire show that
It was observed that some were satisfied with the change action taken by the Supreme Committee and in turn,
the bank to combat COVID-19, some were not satisfied. The level of satisfaction is assumed to be from the
fact that the employees feeling safer working from home abiding by the social distancing norms. After
performing a regression analysis, it was found that the shift in work and working environment. Further, the
financial performance and satisfaction over the changes had less correlation between the departments the
respondents work and the preference of working from home or at the office had a moderate positive
correlation with the departments.
Conclusion
Overall, COVID-19 has negatively impacted the profits and NIM of Bank Dhofar and the Bank is fully aware
of this and is aiming to rectify the situation. The reason for the negative impact was either the business
opportunities halted or stopped completely. The decrease in profit was the provisions made as a precautionary
action against the pandemic and the investment in a digitized platform and opening new technologically
advanced branches. The operating income was stable confirmed that despite COVID-19 and its limitations,
clients were still using Bank Dhofar products and services. The decrease in several branches might be due to
the introduction of technologically advanced branches.
Suggestions
One of the major steps many firms have taken is shifting and investing in a digital platform to perform a
business transaction. Bank Dhofar had started doing the same in 2019 but could invest more to remove the
aversion amongst the employees. It would appear like affecting the profits and the costs negatively but in the
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future, it would make up for these losses. This is similar to the recommendation made by Ul Haq and Awan
(2020) on branchless banks. Transactions may increase, the number of branches could as the transactions,
inquiries, and activities would be held online. Such activities and operations would not suffer since there will
be a proper infrastructure by then.
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