Bank So­har 2017 net profit up by 32.5%

Muscat Daily - - SPORTS -

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.”

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