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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Bank Sohar celebrates 11 years of banking excellence

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MUSCAT: Bank Sohar’s emergence as one of Oman’s leading financial institutions continues to extend year upon year through innovative and holistic growth. Its strategy remains on track given its ever expanding customer base, a growing Islamic finance portfolio and accompanying services, strategic enhancements to products and services, its focus on a digital culture in the front and back offices and most importantly customer centricity reflected in its 2018 theme of “year of YOU”.


As a testament to the strength of the bank’s business model and the collective effort of its workforce, it has managed to maintain a sturdy financial performance despite economic challenges. Net profits for the year ending on 31 December 2017 amounted to RO 25.331 million, representing an increase of 32.54 per cent compared to the previous year. Net interest income during 2017 increased by 5.91 per cent to RO 47.721 million from RO 45.057 million in 2016. Net operating income for the year was RO 41.618 million compared to RO 37.839 million in 2016, an increase of 9.99 per cent.


Awards & Recognitions


Having surpassed 100 local, regional and international awards in 11 years of operations, Bank Sohar has continued to excel itself on its journey to contribute to the prosperity of local communities and enhancing social welfare through investment. New achievements include the Royal Oman Police ‘Road Safety Award 2017’, where the bank was recognized as the first private financial organisation to win the prestigious award; the Golden Order of Merit for CSR from the Arab Organisation for Social Responsibility; the Excellence in Corporate Leadership Award from Alam Al-Iktisaad Wal A’Mal, which highlights Oman’s best performing companies; Oman Economic Review’s Top 20 Award; and at the 2017 edition of the Infosys Financial Client Innovation Awards, the bank was recognized for Insights Driven Banking Award in Emerging Technologies Led Innovation category; and the Core Banking led Digital Banking Transformation award at the Innovation in Project Management for Medium Size Banks; Best Public Awareness Campaign Road Safety award on a regional level and across the Banking sector from IQPC Middle East — Qatar Transport Safety Awards 2016. These recent awards position Bank Sohar as a principal establishment in Oman and reflect its contribution to local communities and social welfare


Networking


Throughout the 11 years, Bank Sohar has ensured that customers have ease of access to a comprehensive portfolio of products and services through various channels of interaction nationwide. These include a network comprising 30 conventional branches with an additional 6 for Sohar Islamic, with plans for new branches for the latter in 2018. The latest addition to Bank Sohar’s growing ATM channels follows up on an ambitious expansion strategy that envisages strengthening its network across the Sultanate. Moreover, the ATMs located in the Buraimi and Shinas borderlands continue to operate with the ‘Dirhams Dispensing’ facility to add additional convenience to people travelling and transacting across the border.


Digital Evolution


The bank’s efforts in recent years have seen the reinforcement and delivery of its long-term goal for digitizing operations. Bank Sohar has already made significant headway on these fronts by establishing an efficient and reliable mobile network and chain of e-channels such as its ubiquitous bilingual, one-minute mobile Banking app, Al Mumayaz Internet Banking and Al Mumayaz SMS Banking services, as well as facilitating instant payments through mobile wallets as part of the Central Bank of Oman’s mobile payment and clearing system (MpClear).


Community engagement was furthered in recent years by the bank’s increased focus on digital communication with customers, primarily via social media. Bank Sohar’s social media identities witnessed tremendous growth and have become the platform of choice for fans and customers to provide their feedback on products and services as well as concerns and queries.


With a key focus on engagement, the bank regularly continues to conduct successful competitions on its social media platforms. These avenues offer critical insight into consumer Banking trends and help provide valuable feedback, which is diverted towards product research and development.


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