Bank Sohar’s net profit increases over 43 pc

MUSCAT: Marking the completion of ten years of banking excellence within the Sultanate, year 2017 witnesses yet another achievement for the Bank as it announces its financial results for the first quarter ended March 31, 2017. The Bank posted a growth of 43.9 per cent for the period ended March 31, 2017, achieving a net profit of RO 5.992 million as compared to a net profit of RO 4.163 million during the same period in 2016.  The results reflect considerably robust figures owing to the Bank’s strong customer oriented approach and astute strategies.
997824Commenting on the results, Sasi Kumar, Acting CEO, Bank Sohar, said, “Despite challenging market conditions, we continue to achieve sustainable and profitable growth, which reflects our strong position in the industry as a whole. It leads us to embrace an optimistic outlook for the coming year and stay focused on developing products that offer the best financial solutions to our customers.  As we complete a decade of successful operations within the Sultanate, we pay tribute to the wise leadership of our Board of Directors and reiterate our thanks to our loyal customers for making the journey enriching, meaningful and fulfilling.”
The Bank’s operating profit for the period ended March 31, 2017 increased by 6.9 per cent to RO 6.629 million up from RO 6.199 million for the same period in 2016. Operating income increased by 4.9 per cent from RO 14.549 million for the first quarter of 2016 to RO 15.256 million for the same period in the current year. At the same time, other operating income excluding AFS investment losses and dividend income grew by 84.5 per cent from RO 3.170 million for first quarter of 2016 to RO 5.847 million for first quarter of 2017. Operating expenses increased by only 3.3 per cent from RO 8.350 million for the first quarter of 2016 to RO 8.627 million for the same period in 2017, which reflects the efficiency at which the Bank operates.