Bank Sohar’s net profit surges over 15%

Business Tuesday 30/October/2018 15:29 PM
By: Times News Service
Bank Sohar’s net profit surges over 15%

MUSCAT: Bank Sohar has announced its financial results for the third quarter 2018, reporting OMR 21.940 million in net profits for the first nine months of the year, a 15.62 per cent increase over the same period in 2017.
The bank’s total operating income increased by 26.93 per cent from OMR54.871 million in the first nine months of 2017 to OMR69.650 million for the same period in 2018. Net operating income similarly increased by 38.40 per cent, from OMR28.772 million in the first nine months of 2017, to OMR39.821 million for the same period in 2018.
Correspondingly, the bank’s operating expenses increased by 14.29 per cent to OMR29.829 million, compared to OMR26.099 million during the first nine months of 2017.
Commenting on the results for for the third quarter, Mohammed Mahfoudh Al Ardhi, Chairman of Bank Sohar, said, “The bank continues to deliver and comprehensively solidify its leading position in the Omani market on multiple fronts at the close of the third quarter in 2018. We have completed the third quarter rather successfully, navigating a challenging economic environment on the road to banking excellence; demonstrating notable achievements along the way as one of Oman’s ‘Best Performing Companies’ this year”.
The bank’s gross loan margins have increased by 12.05 per cent from OMR2.050 billion, as at September 30, 2017, to OMR 2.297 billion as of 30 September.
Commenting on the results, Ahmad Al Musalmi, CEO of Bank Sohar, said, “Throughout the third quarter the bank has delivered in its commitment to excellence as it works to achieve continued sustainable growth and profitability. The market’s response to our various innovations and service enhancements have proven critical to our continued progress, with notable achievements made in the extension of our product portfolio and a variety of improvements made to better our service delivery. I offer thanks to the Board of Directors for their leadership, our valued customers for their loyalty, and the bank’s employees, as essential cogs in an ever more successful banking machine”.
Reiterating its commitment to raising the bar on market expectations with a focus on customer service, the bank’s strategy endeavours to achieve its mission of banking excellence through a range of highly focused strategies, aptly themed under the ‘Year of You’ slogan for 2018.