Bank Sohar’s Net Profit Grows by Over 15 Percent in the First Nine Months in 2018

Press release
Published October 31st, 2018 - 06:38 GMT
Mr Ahmad Al Musalmi, CEO of Bank Sohar
Mr Ahmad Al Musalmi, CEO of Bank Sohar

Furthering its journey of banking excellence, Bank Sohar has announced its financial results for Q3 2018, noting OMR 21.940 million in net profits for the first nine months of the year, a 15.62% raise on its performance throughout the same period in 2017.

The bank’s total operating income increased by 26.93% from OMR 54.871 million in the first nine months of 2017 to OMR 69.650 million for the same period in 2018. Net operating income similarly increased by 38.40% from OMR 28.772 million in the first nine months of 2017 to OMR 39.821 million for the same period in 2018. Correspondingly, the bank’s operating expenses increased by 14.29% to OMR 29.829 million, compared to OMR 26.099 million in the first nine months of 2017. The bank remains focused on its customer centric strategy as a core driver of its continued and sustainable growth.

Commenting on the results for Q3, Mr Mohammed Mahfoudh Al Ardhi, Chairman of Bank Sohar, said, “The bank continues to deliver and comprehensively solidify its leading position in the Omani market on multiple fronts at the close of the third quarter in 2018. We have completed Q3 rather successfully, navigating a challenging economic environment on the road to banking excellence; demonstrating notable achievements along the way as one of Oman’s ‘Best Performing Companies’ this year”.

The bank’s Gross loan margins have increased by 12.05% from OMR 2.050 billion as at 30 Sep 2017 to OMR 2.297 billion in 30 Sep 2018. Net loans and advances grew by 10.77% to OMR 2.221 billion as at 30 Sep 2018 from OMR 2.005 billion as at 30 Sep 2017. Total assets grew by 14.29% from OMR 2.597 billion as at 30 Sep 2017 to OMR 2.968 billion as at 30 Sep 2018. Customer deposits increased by 9.78% to OMR 1.717 billion as at 30 Sep 2018 compared to OMR 1.564 billion as at 30 Sep 2017. The bank’s market share of private sector credit was 10.23% as at 31 July 2018 compared to 9.76% as at 30 Sep 2017, whilst its share of private sector deposits was 8.14% as at 31 July 2018 compared to 8.21% as at 30 Sep 2017.

Mr Ahmad Al Musalmi, CEO of Bank Sohar, said, “Throughout Q3 the bank has delivered in its commitment to excellence as it works to achieve continued sustainable growth and profitability. The market’s response to our various innovations and service enhancements have proven critical to our continued progress, with notable achievements made in the extension of our product portfolio and a variety of improvements made to better our service delivery. I offer thanks to the Board of Directors for their leadership, our valued customers for their loyalty, and the bank’s employees as essential cogs in an evermore successful banking machine”.

Bank Sohar concluded the third quarter on a high note having recently been recognized as one of Oman’s ‘Best Performing Companies’ by Alam Al-Iktissad Wal-Amal’s highly-sought after accolade in the Large Capital category. In the pursuit of customer excellence Bank Sohar has expanded its network of operational branches and ATMs, in addition to the capabilities of its e-Channels with new digital features, and its product portfolio to engage new market segments through innovation. Reiterating its commitment to raising the bar on market expectations with a focus on customer centricity, the bank’s strategy endeavors to achieve its mission of banking excellence through a range of highly focused strategies, aptly themed under the ‘Year of You’ slogan for the year 2018.

Background Information

Bank Sohar

At Bank Sohar, we believe that our customers deserve nothing less than excellence. That is why we constantly strive to maintain and further enhance our position as one of Oman’s leading banks. We reiterate our commitment to create the finest banking solutions, services and products that will make us unique, distinct and different – like the proud heritage of Oman. As Oman’s economy experiences sustained growth and the non-petroleum sector emerges as an important economic force, we present ourselves as a 'one-stop financial super-mall' catering to the diverse needs of our individual and corporate customers.

 

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