Bank So­har’s net profit surges by 46 per cent

Bank So­har is continuing with its ef­forts to achieve sus­tain­able and prof­itable growth de­spite the volatile liq­uid­ity sit­u­a­tion in the do­mes­tic mar­ket.

Times of Oman - - MARKET - Times News Ser­vice

MUS­CAT: Bank So­har’s net profit grew by 46.60 per cent to OMR18.98 mil­lion for the first nine months ended Septem­ber 30, 2017 against OMR12.94 mil­lion dur­ing the same pe­riod in 2016.

The bank is continuing with its ef­forts to achieve sus­tain­able and prof­itable growth de­spite the volatile liq­uid­ity sit­u­a­tion in the do­mes­tic mar­ket as a re­sult of low oil prices and a de­cline in gov­ern­ment spend­ing.

Com­ment­ing on the bank’s ro- bust fi­nan­cial per­for­mance, Sasi Ku­mar, act­ing CEO, said, “The growth we have achieved in the last nine months comes as a re­sult of our strate­gic plan­ning and in­sight into lo­cal mar­ket dy­nam­ics. Stay­ing ahead of and in tune with bank­ing trends has helped us cre­ate a clear roadmap to nav­i­gate the volatil­ity of cur­rent eco­nomic con­di­tions and main­tain con­sis­tency in prod­uct in­no­va­tion and ser­vice de­liv­ery.”

“The bank’s strong per­for­mance in the face of chal­leng­ing odds can also be at­trib­uted to healthy cus­tomer re­la­tions driven by our cus­tomer-cen­tric strate­gies. Go­ing for­ward, we in­tend to keep the fo­cus on de­vel­op­ing mar­ket lead­ing prod­ucts, digi­tised bank­ing so­lu­tions and ex­pand­ing our op­er­a­tional net- work,” he added. The bank’s to­tal op­er­at­ing in­come in­creased by 3.40 per cent from OMR53.07 mil­lion in the first nine months of 2016 to OMR 54.87 mil­lion for the same pe­riod in 2017. Net op­er­at­ing in­come in­creased by 1.21 per cent from OMR28.43 mil­lion in the first nine months of 2016 to OMR28.77 mil­lion in 2017. Dur­ing the first nine months of 2017, other op­er­at­ing in­come grew by 3.77 per cent to OMR 17.93 mil­lion com­pared to OMR 17.28 mil­lion in the first nine months of 2016. The bank is fo­cused on its strat­egy and on continuing its ef­forts to op­ti­mally de­liver and achieve sus­tain­able growth.

Gross loans of the bank have in­creased by 9.72 per cent from OMR1.87 bil­lion as of Septem­ber 30, 2016 to OMR2.05 bil­lion as of Septem­ber 30, 2017. Net loans and ad­vances grew by 9.62 per cent to OMR2.004 bil­lion in Septem­ber 2017 from OMR1.828 bil­lion in Septem­ber 2016.

To­tal as­sets grew by 4.97 per cent from OMR2.474 bil­lion to OMR2,597 bil­lion in Septem­ber 2017. Cus­tomer de­posits fell marginally by 1.15 per cent to OMR1.564 bil­lion in Septem­ber 2017 com­pared to OMR1.582 bil­lion in Septem­ber 2016.

The bank’s mar­ket share of pri­vate sec­tor credit was 9.73 per cent as of Au­gust 31, 2017 com­pared to 9.48 per cent as of Septem­ber 30, 2016, while its share of pri­vate sec­tor de­posits was 8.68 per cent as of Au­gust 31, 2017 com­pared to 8.76 per cent as of Septem­ber 30, 2016.

Bank So­har closed a suc­cess­ful third quar­ter in line with its ob­jec­tives to steer Oman’s bank­ing sec­tor along the path of in­no­va­tion and cre­ate prod­ucts that guar­an­tee bank­ing ex­cel­lence. This past quar­ter gave re­newed im­pe­tus to the bank’s long term strat­egy to evolve be­yond con­ven­tional bank­ing and em­brace global trends for de­ploy­ing cut­ting-edge tech­nol­ogy in cus­tomer ser­vice and prod­uct de­vel­op­ment. Full story @ time­so­fo­man.com/busi­ness

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