Bank Sohar net grows 32.54 per cent in 2017

31/01/2018 05:57 AST

Bank Sohar's net profit for 2017 jumped 32.54 per cent to RO 25.331 million compared with RO 19.112 million in 2016. Commenting on the bank's performance, Mohammed Mahfoudh al Ardhi, Chairman of the Board of Directors at Bank Sohar said, "The bank has been consistent in maintaining exceptional financial performance because of our customer focused strategies. We intend to continue our commitment to customers through well-thought-out methodologies, enhanced by sustained efforts and significant investments as part of our operational strategies.

We are proud of the position we have achieved and this success and progress is what will fuel even greater accomplishments as we forge ahead into taking great steps to become one of the leading regional banks, playing a vital role in supporting the national economy and the financial sector and further tapping into new horizons of innovation and banking excellence." The bank concluded 2017 with outstanding results despite market challenges and amid a sub-optimal business environment.

The net interest income during the year increased 5.91 per cent to RO 47.721 million, compared to RO 45.057 million in 2016. Operating profit for the year was RO 41.618 million as compared to RO 37.839 million in 2016, an increase of 9.99 per cent. Operating expenses increased by 5.28 per cent from RO 33.053 million to RO 34.798 million for the same period ended in December 2016.

Customer deposits increased 7.26 per cent to RO 1.643 billion, up from RO 1.532 billion for the same period in 2016.

The bank's share of Private Sector Credit increased to 10.01 per cent as at November 2017 from 9.85 per cent in December 2016, while its share of Private Sector Deposit was 8.16 per cent in November 2017 compared to 8.75 per cent as at December 2016.

Commenting on the bank's strong financials in the last quarter, Acting CEO Sasi Kumar said, "Bank Sohar's financial performance is consistent with efforts to give customers unique and innovative services that bring them the most value. The results of year 2017 reflect the bank's sure-footing and dynamic position notwithstanding a business environment that is characterised by challenge and change.

We fully intend to keep the market advantage we have gained in a manner that continues to assure alacrity, innovation and banking excellence for our customers."

Oman Daily Observer