Bank Sohar’s net profit grows by over 20 per cent
Times News Service
MUSCAT: Bank Sohar marked the completion of over 11 years of banking excellence within the Sultanate with another achievement — a stunning 20.89 per cent growth in net profit in the second quarter of 2018, according to financial results released recently by the bank.
For the period ending June 30, 2018, the bank’s net profit stood at OMR13.98 million, compared with OMR11.56 million during the same period in 2017. The bank’s total operating income for the same period increased by 16.39 per cent to OMR41.40 million, from OMR35.57 million during the same period in 2017. Net operating income also increased by 21.91 per cent, from OMR18.20 million in the first six months of 2017 to OMR22.19 million by the end of the second quarter in 2018. Operating expenses for the aforementioned period grew by 10.59 per cent to OMR19.20 million, compared with OMR17.36 million during the same period in 2017.
“Bank Sohar continues to strengthen its leading position among its competitors and other corporations, while leveraging the 2018 slogan ‘The Year of You’,” said Mohammed Mahfoudh Al Ardhi, Chairman of Bank Sohar. “I am pleased to say that our allocation of resources, combined with a robust strategy for sustainable growth, continue to deliver above and beyond the challenges.”
The bank’s gross loans increased by 10.79 per cent, from OMR2.04 billion on June 30, 2017, to OMR2.26 billion on June 30, 2018. Net loans and advances grew by 10.04 per cent to OMR2.19 billion as of June 20 this year from OMR1.99 billion as of June 30 last year. Total assets also grew by 12.53 per cent, from OMR2.67 billion to OMR 3.00 billion on June 30, 2018. Customer deposits increased by 2.76 per cent to OMR 1.70 billion at the end of June 2018, compared with OMR1.66 billion at the end of June 2017. The bank’s market share of private sector credit stood at 10.25 per cent as of May 31, 2018, compared with 9.73 per cent as of June 30, 2017, while its share of private sector deposits was 8.35 per cent on May 31, 2018, compared with 9.16 per cent on June 30, 2017.
“The results for the first half of 2018 reflect the bank’s commitment towards excellence and the positive reaction of stakeholders to our growing range of quality products and services,” said Ahmad Al Musalmi, CEO of Bank Sohar. “Our focus for the year remains geared towards increasing customer centricity, engagement, and digitisation, whilst providing a superior banking experience that transcends our customer base in a comprehensive strategy centreed on sustainable growth.”
“I offer sincere thanks to our Board of Directors, our customers for their loyalty, and Bank Sohar’s workforce for its contribution as the core driver of our ongoing success and market leading position,” he added.
Bank Sohar concluded the first half of the year on a high note with notable achievements in enhancing services to boost customer centricity, as well as expanding its network of branches, increasing digitisation, diversifying its portfolio, and engaging new market segments through product-based innovations. Reiterating its commitment to raising the bar and going beyond market demand, the bank’s strategy has been positioned under the “Year of You” slogan, through which it endeavours to achieve its mission of banking excellence.