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Bank Sohar, a leading bankin Oman, has posted a net profit of RO13.982 million ($36.23 million) for the second quarter (Q2) of the year as compared to a net profit of RO11.566 million during the same period in year 2017, marking a growth of 20.89 per cent.
The bank’s total operating income for the period ended June 30, 2018 increased by 16.39 per cent to RO41.403 million from RO35.574 million as compared to the same period in year 2017. Net operating income also increased by 21.91 per cent from RO18.206 million in the first six months of 2017 to RO22.195 million by the end of Q2 in 2018. Operating expenses for the aforementioned period grew by 10.59 per cent to RO19.208 million compared to RO17.368 million during the same period in year 2017.
Mohammed Mahfoudh Al Ardhi, chairman of Bank Sohar, said: “Bank Sohar continues to strengthen its leading position among its competition and other corporations, while leveraging the 2018 slogan ‘The Year of You’. I am pleased to say that our allocation of resources combined with a robust strategy for sustainable growth continues to deliver above and beyond the challenges.”
Gross loans of the bank have increased by 10.79 per cent from RO2.044 billion as at 30 June 2017 to RO2.264 billion as at 30 June 2018. Net loans and advances grew by 10.04 per cent to RO2.198 billion as at 30 June 2018 from RO1.998 billion as at 30 June 2017. Total assets also grew by 12.53 per cent from RO2.674 billion as at 30 June 2017 to RO3.009 billion as at 30 June 2018. Customer deposits increased by 2.76 per cent to RO1.706 billion as at 30 June 2018 compared to RO1.660 billion as at 30 June 2017.
The bank’s market share of private sector credit was 10.25 per cent as at 31 May 2018 compared to 9.73 per cent as at 30 June 2017, while its share of private sector deposits was 8.35 per cent as at 31 May 2018 compared to 9.16 per cent as at 30 June 2017.
Ahmad Al Musalmi, CEO of Bank Sohar, said: “The results for the first half of 2018 reflect the Bank's commitment to excellence and the positive reaction of stakeholders to our growing range of quality products and services.
“Our focus for the year remains geared towards increasing customer centricity, engagement, and digitization, whilst providing a superior banking experience that transcends our customer base in a comprehensive strategy centered on sustainable growth. I offer sincere thanks to our Board of Directors, our customers for their loyalty, and Bank Sohar's workforce for its contribution as the core driver of our ongoing success and market leading position.”
Bank Sohar concluded the first half of the year on a high note with notable achievements in enhancing service to boost customer centricity, as well as expanding its operational network of branches, increasing digitization, diversifying its portfolio, and engaging new market segments through product-based innovations.
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