Friday, March 29, 2024 | Ramadan 18, 1445 H
clear sky
weather
OMAN
25°C / 25°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Bank Sohar’s Q3 net grows more than 15 per cent

1027286
1027286
minus
plus

Bank Sohar has posted RO 21.940 million in net profits for the first nine months of the year, a 15.62 per cent raise on its performance throughout the same period in 2017. The bank’s total operating income increased by 26.93 per cent from RO 54.871 million in the first nine months of 2017 to RO 69.650 million for the same period in 2018.


Net operating income similarly increased by 38.40 per cent from RO 28.772 million in the first nine months of 2017 to RO 39.821 million for the same period in 2018.


Correspondingly, the bank’s operating expenses increased by 14.29 per cent to RO 29.829 million, compared to RO 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, Mohammed Mahfoudh al Ardhi (pictured), 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 per cent from RO 2.050 billion as at September 30, 2017 to RO 2.297 billion in September 30, 2018.


Net loans and advances grew by 10.77 per cent to RO 2.221 billion as at September 30, 2018 from RO 2.005 billion as at September 30, 2017. Total assets grew by 14.29 per cent from RO 2.597 billion this year to RO 2.968 billion as at September 30, 2018.


Customer deposits increased by 9.78 per cent to RO 1.717 billion as at September 30, 2018 compared to RO 1.564 billion as at September 30, 2017. The bank’s market share of private sector credit was 10.23 per cent as at July 31, 2018 compared to 9.76 per cent as at September 30, 2017, whilst its share of private sector deposits was 8.14 per cent as at July 31, 2018 compared to 8.21 per cent as at September 30, 2017. 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.”


SHARE ARTICLE
arrow up
home icon