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Sohar International’s profit rises 15 per cent to RO15.2mn in first half of 2021

1 Aug 2021

Sohar International Bank has reported a 15.3 per cent year-on-year growth in its net profit for the six months period ended June 30, 2021. The bank recorded a net profit of RO15.2mn for the first half of 2021 compared to RO13.18mn in the same period of 2020.

In a press statement, Mohammed Mahfoudh al Ardhi, chairman of Sohar International, said, “The half-yearly financial results are a great reflection of Sohar International’s vision and strategy in full gear. The sultanate has made commendable progress to counter the effects of the pandemic by adopting learning, implementation of agendas, thoughtful investments in key areas and an aggressive vaccination campaign. This, coupled with a rise in global oil prices, has in turn, helped us to continue operations in an improving economic environment that is more conducive to business growth.”

He said, “With the ongoing commitment of the government to continue concentrating on infrastructure projects along with investments in the key sectors identified in the economic diversification plan, we expect to see sustained demand for financing in the near future, thus stimulating the country’s banking landscape.”

Sohar International’s total assets increased by 12.5 per cent in the first six months of 2021 to RO4.031bn compared to RO3.584bn a year ago. Net loans and advances increased by 3.4 per cent to RO2.526bn as of June 30, 2021 from RO2.442bn a year ago.

The bank’s customer deposits increased by 2.8 per cent to RO2.304bn as of June 30, 2021 from RO2.241bn a year ago, reflecting the bank’s strengthening funding and liquidity position.

Sohar International said its operating income increased by 13.9 per cent to RO54.22mn in the first half of 2021, driven by increases in other operating income streams including gain on sale of investment securities.

Ahmed al Musalmi, chief executive officer of Sohar International, said, “Sohar International entered 2021 with a great sense of optimism as it embraced its principles of more velocity, more value, and more vision in its strategic approach while embodying the attributes of being sharp, human and unstoppable. Our latest financial results reflect our strong position in the market and our ability to absorb and overcome challenges. Our focus for the year remains geared towards rewarding customers by creating opportunities to win while helping them achieve their goals.”

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