Bank Sohar’s net profit soars by 48.6 per cent
The bank achieved a net profit of OMR8.904m in the first quarter ended on March 31, 2018
Times News Service
MUSCAT: Marking the completion of eleven years of banking excellence within the Sultanate, year 2018 witnesses yet another achievement for Bank Sohar as it announced its financial results for the first quarter ended March 31, 2018. The bank posted a growth of 48.6 per cent for the period ended March 31, 2018, achieving a net profit of OMR8.904 million as compared to a net profit of OMR5.992 million during the same period in 2017. The bank’s total operating income increased by 23.38 per cent from OMR17.676 million in the first three months of 2017 to OMR21.808 million for the same period in 2018.
Net operating income increased by 37.08 per cent from OMR9.049 million in the first three months of 2017 to OMR12.404 million in 2018. During the first three months of 2018, other operating income grew by 8.20 per cent to OMR7.272 million compared to OMR6.721 million in the first three months of 2017. Commenting on the results, Mohammed Mahfoudh Al Ardhi, Chairman of Bank Sohar, said, “The bank is continuing with its efforts to achieve sustainable and profitable growth despite challenging market conditions, these results show the positive outcomes of our well-positioned long-term strategies focused on offering innovative financial solutions that cater to different stakeholders. Bank Sohar has placed strong foundations that enable us to maintain our leading positioning in the market.”
Gross loans of the bank have increased by 13.36 per cent from OMR1.958 billion as of March 31, 2017 to OMR2.220 billion as of March 31, 2018. Net loans and advances grew by 13.50 per cent to OMR2.173 billion as of March31, 2018 from OMR1.915 billion as of March 31, 2017. Total assets also grew by 12.40 per cent from OMR2.602 billion as of March 31, 2017 to OMR2.924billion as of March 31, 2018.