Muscat Daily

So­har In­ter­na­tional posts 29% de­cline in net profit

- Business · Finance · Stocks & Markets · Investing · Financial Markets · Sohar

So­har In­ter­na­tional Bank re­ported a 29.2 per cent year-onyear de­cline in its net profit for the first nine months of 2020. The bank's net profit for the nine months pe­riod ended Septem­ber 30, 2020 de­creased to RO17.75mn com­pared to RO25.06mn recorded in the same pe­riod of last year.

So­har In­ter­na­tional's op­er­at­ing in­come dropped 5 per cent to RO70.31mn dur­ing Jan­uary – Septem­ber pe­riod of this year against RO74.02mn in the same pe­riod of 2019, ac­cord­ing to the bank's dis­clo­sure sub­mit­ted to the Mus­cat Se­cu­ri­ties Mar­ket (MSM). Its op­er­at­ing ex­penses de­creased by 4.7 per cent at

RO32.1mn in the first nine months of 2020 against RO33.67mn in the same pe­riod of 2019.

The re­duc­tion of bank's net profit in­cludes an in­crease in net im­pair­ment charges and other credit risk pro­vi­sions for the pe­riod in re­sponse to the eco­nomic im­pact of the COVID-19 pan­demic and lower oil prices, So­har In­ter­na­tional said in its fil­ing to the MSM.

The bank's loan book growth re­main flat this year as net loans and ad­vances marginally in­creased by 0.4 per cent to RO2.467bn as of Septem­ber 30, 2020 com­pared to RO2.477bn a year ago.

'To­tal as­sets in­creased 10.3 per cent with net loans and ad­vances growth flat as So­har In­ter­na­tional ex­er­cised pru­dence in its growth strat­egy given the cur­rent eco­nomic con­di­tions,' the bank said.

So­har In­ter­na­tional recorded a sharp in­crease in cus­tomer de­posits which reached to RO2.348bn as of Septem­ber 30, 2020 from RO1.994bn a year ago. 'Cus­tomer de­posits in­creased by 17.8 per cent re­flect­ing So­har In­ter­na­tional's strength­en­ing fund­ing and liq­uid­ity po­si­tion,' the bank said

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