Sohar International Q1 net profit climbs 13.1pc

BUSINESS REPORTER

MUSCAT: Sohar International recently conducted a virtual Investor Meet hosted by Muscat Stock Exchange SAOC (MSX) to discuss and shed light on the current operating environment, business strategy and the bank’s financial performance.

Led by Ahmed al Musalmi, Chief Executive Officer (pictured) of Sohar International, the panelists representing the bank comprised of Khalil al Hedaifi, Chief Retail Banking Officer, Craig Barrington Bell, Chief Financial Officer, Manish Dhameja, Chief Wholesale Banking Officer, and Abdul Wahid al Murshidi, Chief Islamic Banking Officer.

Sohar International’s total assets as on March 31, 2021, increased by 9.9 per cent to RO 3,754 million compared to RO 3,416 million recorded in 31 March 2020. Net loans and advances increased by 2.8 per cent to RO 2,531 million (March 31, 2020: RO 2,461 million) reflecting the bank’s prudence in managing growth given the current economic conditions.

Customer deposits increased by 7.6 per cent to RO 2,293 million compared to RO 2,131 million registered during the same period last year, reflecting the bank’s strengthening funding and liquidity position.

Net profit for the three months ended March 31, 2021 increased by 13.1 per cent to RO 6.98 million compared to RO 6.18 million during the same period in 2020. Operating income increased by 13.5 per cent to RO 26.19 million, (31 March 2020: RO 23.07 million), driven by increases in other operating income streams including gain on sale of investment securities. The bank’s operating profit increased by 15.5 per cent to RO 14.19 million compared to RO 12.29 million for the same period last year.

Ahmed al Musalmi, Chief Executive Officer of Sohar International, said, “The bank’s long-term strategy is aimed at achieving excellence, setting the organisation on a sustainable growth path, thereby contributing to the national economy aligning to the Sultanate’s goals. This will be based on steadfast resilience and the ability to nurture a sustainable operating economic environment. The bank continues to work closely with the regulators to ensure that its digitalisation journey is well aligned and paves the way for a redefined banking experience while remaining operationally resilient throughout.”