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Sohar International Receives ‘Best Bank Award in Large Banks Category’ at New Age Banking Summit 2024

2 Jun 2024

Muscat – Sohar International clinches the coveted ‘Best Bank Award in Large Banks Category’ at the prestigious Oman Banking and Finance Awards 2024, held on the sidelines of the New Age Banking Summit. The award underscores Sohar International’s exceptional performance in the banking sector and highlights its commitment to excellence and innovation in financial services. The awards ceremony held under the patronage of His Excellency Tahir Salim Al Amri, Executive President of the Central Bank of Oman, took place on the 28th of May at the Sheraton Oman Hotel. Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International, received the award on behalf of the bank.

In response to this outstanding accomplishment, Mr. Ahmed Al Musalmi commented, “We are profoundly honored to receive the esteemed ‘Best Bank Award in Large Banks Category’. This recognition underscores our strategic focus on financial excellence and operational efficiency. Winning this award, which involved evaluating our financial performance across almost 16 metrics, highlights our strong resilience, innovative approach, and superior market performance. At Sohar International, we are committed to delivering exceptional value to our stakeholders through cutting-edge financial solutions and personalized services that meet the evolving needs of our clients. Today, Sohar International stands as a frontrunner in the banking industry, consistently driving growth and setting new standards in financial performance. We will continue to push the boundaries of banking, ensuring unparalleled value for our customers while significantly contributing to the broader community and national economy.”

Sohar International has emerged as a leading financial institution in the Sultanate, driven by strategic growth, innovation, and a customer-centric approach. The year 2023 was particularly significant for the bank as it realized various aspects of a strategic vision initiated in 2019. A transformative five-year plan resulted in notable achievements, including the merger of HSBC Oman into Sohar International and its first steps beyond borders to the Saudi market. This initiative catapulted Sohar International to become Oman’s fastest-growing and second-largest bank. The bank also recorded a profit of RO 70.3 million in 2023, marking a 101% increase from the previous year, further solidifying its position for continued growth and innovation.

Beyond Oman, Sohar International demonstrated remarkable growth among top banks in the GCC, positioning itself as a trailblazer with a robust roadmap for progress. According to KPMG’s “GCC Listed Banks’ Results: Adaptation and Growth,” the bank achieved top rankings in Total Assets and Return on Equity (ROE) across all GCC banks. Sohar International led with the highest year-on-year growth in total assets, 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. Additionally, Sohar International secured the second position in ROE across the GCC, highlighting its efficient use of equity and ability to generate substantial profits from its assets.

Sohar International’s success is anchored in its five-year strategic plan launched in 2019, which has transformed the bank by enhancing asset quality, profitability, and digital capabilities. The bank’s focus on digitalization and operational excellence has reinforced its competitive edge. Strong corporate governance and a commitment to sustainable growth underpin these accomplishments. Sohar International continues to invest in digital infrastructure and customer service, aligning with Oman Vision 2040 and solidifying its leadership in the region’s banking sector.

The New Age Banking Summit is renowned as a premier event in the industry, attracting a diverse group of senior and mid-level bankers, FinTech experts, finance and investment professionals, insurance specialists, and business consultants. It serves as an essential platform for industry leaders to exchange insights, explore emerging trends, and foster collaboration, thereby promoting growth and innovation in the financial sector.

Sohar International has strategically reinforced its position as a leader in the banking industry with a series of prestigious awards that build on its legacy of excellence. This year, the bank was distinguished as “Oman’s Best Bank” and “Oman’s Best Bank for ESG” at the Euromoney Awards. Its innovative use of digital technologies earned it the ‘Most Innovative Digital Bank for Ecosystem Services – Oman’ award from The Global Economics, UK. Additionally, JP Morgan Chase Bank honored Sohar International with the Global Clearing Quality Recognition Awards for MT103 and MT202 transactions. For the second consecutive year, the bank secured the ‘Top Omani Brand in Banking Sector Award’ from Alam Al-Iktisaad and was also recognized for having the ‘Highest Year-on-Year Total Assets Among GCC Banks.’ highlighting its robust financial performance. These strategic accolades collectively underscore Sohar International’s unwavering dedication to excellence, innovation, and substantial contributions to the banking industry.

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