Bank Sohar’s Net Profit Grow by Over 20% by End of Q2FY2018
Marking the completion of over 11 years of banking excellence within the Sultanate, year 2018 witnessed yet another achievement for the Bank as it announces its financial results for the second quarter ended June 30, 2018. The second quarter witnessed a growth of 20.89% in Net Profits achieving a net profit of OMR 13.982 million as compared to a net profit of OMR 11.566 million during the same period in year 2017.
The Bank’s total operating income for the period ended June 30, 2018 increased by 16.39% to OMR 41.403 million from OMR 35.574 million as compared to the same period in year 2017. Net Operating Income also increased by 21.91% from OMR 18.206 million in the first six months of 2017 to OMR 22.195 million by the end of Q2 in 2018. Operating expenses for the aforementioned period grew by 10.59% to OMR 19.208 million compared to OMR 17.368 million during the same period in year 2017.
Commenting on the results, Mr. Mohammed Mahfoudh Al Ardhi, Chairman of Bank Sohar, said, “Bank Sohar continues to strengthen its leading position among its competition and other corporations, while leveraging the 2018 slogan ‘The Year of You’. I am pleased to say that our allocation of resources combined with a robust strategy for sustainable growth continues to deliver above and beyond the challenges.”
Gross loans of the Bank have increased by 10.79% from OMR 2.044 billion as at 30 June 2017 to OMR 2.264 billion as at 30 June 2018. Net loans and advances grew by 10.04% to OMR 2.198 billion as at 30 June 2018 from OMR 1.998 billion as at 30 June 2017. Total assets also grew by 12.53% from OMR 2.674 billion as at 30 June 2017 to OMR 3.009 billion as at 30 June 2018. Customer deposits increased by 2.76% to OMR 1.706 billion as at 30 June 2018 compared to OMR 1.660 billion as at 30 June 2017. The Bank’s market share of private sector credit was 10.25% as at 31 May 2018 compared to 9.73% as at 30 June 2017, while its share of private sector deposits was 8.35% as at 31 May 2018 compared to 9.16% as at 30 June 2017.
Mr. Ahmad Al Musalmi, CEO of Bank Sohar, said, “The results for the first half of 2018 reflect the Bank's commitment to excellence and the positive reaction of stakeholders to our growing range of quality products and services. Our focus for the year remains geared towards increasing customer centricity, engagement, and digitization, whilst providing a superior banking experience that transcends our customer base in a comprehensive strategy centered 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.”
Bank Sohar concluded the first half of the year on a high note with notable achievements in enhancing service to boost customer centricity, as well as expanding its operational network of branches, increasing digitization, diversifying its portfolio, and engaging new market segments through product-based innovations. Reiterating its commitment to raising the bar and going beyond market demand with a focus on customer centricity, the bank’s strategy has been positioned under the ‘Year of You’ slogan, through which it endeavors to achieve its mission of banking excellence.
For more information on Bank Sohar visit www.banksohar.net or call 24730000. You can also follow the Bank on Facebook at www.facebook.com/excel.banksohar, on Instagram at www.instagram.com/banksoharexcel or join the conversation on Twitter @banksohar_excel.