Bank Sohar posts 46.6pc growth

FROM P13 operating income grew by 3.77 per cent to RO 17.928 million compared to RO 17.277 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 RO 1.869 billion as at 30 September 2016 to RO 2.050 billion as at 30 September 2017.

Net loans and advances grew by 9.62 per cent to RO 2.004 billion as at 30 September 2017 from RO 1.828 billion as at 30 September 2016. Total assets grew by 4.97 per cent from RO 2.474 billion as at 30 September 2016 to RO 2,597 billion as at 30 September 2017.

Customer marginally by deposits declined 1.15 per cent to RO 1.564 billion as at 30 September 2017 compared to RO 1.582 billion as at 30 September 2016. The Bank’s market share of private sector credit was 9.73 per cent as at 31 August 2017 compared to 9.48 per cent as at 30 September 2016, while its share of private sector deposits was 8.68 per cent as at 31 August 2017 compared to 8.76 per cent as at 30 September 2016.

As planned the Bank successfully closed the additional Tier 1 issue of perpetual capital securities of RO 100 million during the third quarter with oversubscription.

The Capital Market Authority approved the results of the issue and agreed the allotment to successful subscribers in line with the terms and conditions of the prospectus.

It was subsequently listed on the Muscat Securities Market during September 2017.