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Sohar International Named Oman’s Best Bank at Euromoney Awards 2024

26 May 2024

Muscat – Sohar International proudly announces its triumph at the prestigious Euromoney Awards, being recognized with the title of “Oman’s Best Bank.” This esteemed award underscores the bank’s exceptional performance in the banking sector. The awards ceremony, held at the Waldorf Astoria in Dubai, brought together industry luminaries and top-tier financial institutions. Mr. Mazin Mahmood Al Raisi, Chief Marketing Officer at Sohar International, received the award on behalf of the bank. The rigorous evaluation process undertaken by Euromoney’s esteemed panel of judges assessed Sohar International across various parameters, including its leading market position, product diversity, financial performance, asset quality, customer satisfaction, CSR initiatives, and environmental, social, and governance (ESG) practices.

Commenting on this remarkable achievement, Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International, expressed his pride, stating, “We are deeply honored to be recognized with the prestigious title of ‘Oman’s Best Bank’ by Euromoney. This accolade reflects our unwavering commitment to excellence, innovation, and sustainability in the banking sector. At Sohar International, we strive to not only lead in market performance but also to play a pivotal role in fostering a sustainable economy. This recognition is a testament to the dedication and hard work of our entire team. We will continue to push the boundaries of what is possible in banking, ensuring we provide unparalleled value to our customers and contribute positively to the broader community and the nation at large.”

The year 2023 was particularly significant for Sohar International as the bank realized various aspects of a strategic vision initiated in 2019. A transformative five-year plan resulted in notable achievements, including a merger and the first step beyond borders. This strategic initiative catapulted Sohar International to become Oman’s fastest-growing and second-largest bank, with a surge in assets to OMR 6.7 billion, a 50% increase in market share, and a market capitalization of USD 1.5 billion. The bank also recorded a profit for the year 2023 of RO 70.3 million, marking a 101% increase compared to the previous year. These accomplishments further solidify its position as a leading financial institution, poised for continued growth and innovation.

Beyond Oman, Sohar International demonstrated remarkable growth among the top banks in the GCC, positioning itself as a trailblazer with a robust roadmap for progress. Notably, the bank achieved top rankings in Total Assets and Return on Equity (ROE) across all GCC banks, according to the recent KPMG report “GCC Listed Banks’ Results: Adaptation and Growth.” Sohar International led with the highest year-on-year growth in total assets across the GCC, marking an impressive 61.9% increase. This achievement underscores the bank’s strong financial health, strategic asset management, and commitment to expanding operations and market presence. In addition to its asset growth, Sohar International secured the second position in the return on equity (ROE) category across the GCC. This accomplishment highlights the bank’s efficient use of equity and its ability to generate substantial profits from its assets.

At the same awards ceremony, Sohar International was also awarded the “Oman’s Best Bank for ESG” title, recognizing the bank’s responsible and sustainable practices and commitment to social and environmental issues to achieve long-term economic growth. The bank’s robust ESG framework prioritizes sustainability initiatives, including a USD 200 million climate financing agreement with IFC and a partnership with Fortescue Futures Industries on green hydrogen projects. Additionally, Sohar International is financing various sustainability projects, with a pipeline valued at approximately RO 450 million. These awards collectively reinforce Sohar International’s steadfast commitment to excellence and its impactful contributions to the banking sector.

The latest awards build on Sohar International’s achievements in the previous year, wherein the bank was recognized as the ‘Best Investment Bank 2023’ by Euromoney. Most recently, Sohar International secured the ‘JP Morgan Chase Bank’s Global Clearing Quality Recognition Awards for MT103 and MT202 transactions,’ reaffirming its dedication to maintaining top-notch global clearing services. Moreover, the bank’s innovative prowess was highlighted by the ‘Most Innovative Digital Bank for Ecosystem Services – Oman’ award by The Global Economics, UK, recognizing its pioneering use of digital technologies to enhance customer experiences. The bank also won the prestigious ‘Top Omani Brand in Banking Sector Award’ from Alam Al-Iktisaad for the second consecutive year and secured the ‘Highest Year-on-Year Total Assets Among GCC Banks’ title, affirming its strong financial performance and growth trajectory. These awards collectively reinforce Sohar International’s steadfast commitment to excellence and its impactful contributions to the banking sector.

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