Bank Sohar’s net profit jumps 47%

Business - 

Bank Sohar’s strategy for achieving sustainable growth paid off rich dividends with its financial results showing a distinct trend towards growth.

The bank’s net profit for the nine months period ended September 30, 2017 grew 46.6 per cent to RO18.97mn compared to RO12.94mn during the same period of 2016.

Bank Sohar is continuing with its efforts to achieve sustainable and profitable growth despite the volatile liquidity situation in the domestic market as a result of low oil prices and a decline in government spending, according to a press release issued by the bank.

Sasi Kumar, acting CEO of Bank Sohar, said, “The growth we have achieved in the last nine months comes as a result of our strategic planning and insight into local market dynamics. Staying ahead of and in tune with banking trends has helped us create a clear roadmap to navigate the volatility of current economic conditions and maintain consistency in product innovation and service delivery.”

“The bank’s strong performance in the face of challenging odds can also be attributed to healthy customer relations driven by our customer-centric strategies. Going forward, we intend to keep the focus on developing market leading products, digitised banking solutions and expanding our operational network,” he said.

The bank’s total operating income increased 3.4 per cent from RO53.07mn in the first nine months of 2016 to RO54.87mn for the same period in 2017. Net operating income increased 1.21 per cent from RO28.43mn in the first nine months of 2016 to RO28.77mn in 2017.

During the first nine months of 2017, other operating income grew 3.77 per cent to RO17.93mn compared to RO17.28mn in 2016.

Bank Sohar’s net loans and advances grew by 9.62 per cent to RO2.004bn as of September 30, 2017 from RO1.828bn a year ago. Total assets grew by 4.97 per cent from RO2.474bn as of September 30, 2016 to RO2.597bn as of September 30, 2017. The bank’s customer deposits declined marginally by 1.15 per cent to RO1.564bn as of September 30, 2017 compared to RO1.582bn a year ago.

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