Bank Sohar 2017 net profit up by 32.5%
Muscat - Bank Sohar said its net profit for the financial year ended December 31, 2017 rose by 32.5 per cent to RO25.33mn against RO19.11mn in the previous year.
‘Bank Sohar’s 2017 performance was catalysed by rapid progress on all business fronts – a direct outcome of concerted customer-centric efforts to achieve banking excellence in the industry’, the bank said in a press release.
The press release said the bank concluded 2017 with outstanding results despite market challenges and amid a sub-optimal business environment.
The lender’s net interest income during the period rose by 5.91 per cent to RO47.72mn compared to RO 45.1mn in the previous year. During the period under consideration, its operating profit also rose by nearly ten per cent to RO41.62mn as compared to RO37.84 mn in the previous year.
Its customer deposits during the year 2017 rose by 7.26 per cent to RO1.64bn against RO1.53bn in the previous year. Its share in the total private sector credit increased to 10.01 per cent in November 2017 from 9.85 per cent in December 2016.
Commenting on the performance Mohammed Mahfoudh al Ardhi, chairman of Bank Sohar said, “The bank has been consistent in maintaining exceptional financial performance because of our customer focused strategies.”
“We intend to continue our commitment to customers through well-thought-out methodologies, enhanced by sustained efforts and significant investments as part of our operational strategies,” Ardhi added.
The bank’s acting CEO Sasi Kumar said, “The results of year 2017 reflect the bank’s sure-footing and dynamic position notwithstanding a business environment that is characterised by challenge and change. We fully intend to keep the market advantage we have gained in a manner that continues to assure alacrity, innovation and banking excellence for our customers.”
On increase in deposits, Kumar said: “Bank Sohar’s growing client base forms the fulcrum of substantial efforts to evolve beyond conventional banking and deploy product development strategies in response to changing market trends.”