Sohar International wins ‘Best Bank in Growth’ award

MUSCAT: Oman’s leading financial services company, Sohar International, won the ‘Best Bank (Large Size) in Growth’ award at the Oman Banking & Finance Awards 2020. The top honour is exemplary of Sohar International’s determined robust growth, underpinned by its continued investment in key economically viable initiatives. In recognition of the 2019 financial performance, the bank, in particular, reflected healthy growth in its loan books, customer deposits, fee income, operating profit, net profit, and gross loans despite challenging market conditions.
Sohar International’s Chief Executive Officer, Ahmed al Musalmi received the award on behalf of Sohar International in a ceremony held at Hotel Sheraton Oman. Expressing his delight on winning the coveted award, Al Musalmi, said, “It is with great pride and honour that we receive the ‘Best Bank (Large Size) in Growth’ Award. This award is a true testament to our resilient growth strategy that strongly aligns with our brand vision – positioning Sohar International as a world-leading Omani service company that helps customers, communities and people to prosper and grow. This award comes in at a time when the economies are battling unforeseen challenges, however ,with our focused approach and an unstoppable desire to win, we forge on delivering responsive banking for an ever-changing world, and ensuring international standard services for our customers and all other stakeholders. This reflects our steady journey towards becoming a world-leading Omani service.”
Sohar International recorded spectacular financial performance and an exceptional year of growth in year 2019 as it posted a net profit of 17.2 per cent compared to year 2018. As part of its ongoing strategy to continue focusing on sound asset quality to ensure long term sustainability of the bank, Sohar Internationals asset book witnessed a healthy increase of 15.1 per cent to OMR 3.505 billion compared to OMR 3.046 billion in year 2018, where net loans and advances increased by 9.0 per cent to RO 2,454 million compared to RO 2,252 million in year 2018. In a relatively small market, the Bank has also successfully managed to attract a vast number of depositors reflecting an increase in deposits of 15.3 per cent to RO 2,097 million compared to RO 1,818 million in year 2018. The bank also witnessed a double-digit growth of 10.8 per cent overall in Net operating income amounting to RO 104.659 million compared to RO 94.438 million in 2018.