Sohar International posts 14% net profit

With its new vision to become a world-class Omani service company that helps customers and people to prosper and grow, Sohar International has posted a strong growth of 14 per cent in net profit for the three month period ended on March 31, 2019, achieving a net profit of OMR10.15 million as compared to a net profit of OMR8.90 million during the same period in 2018.

The bank's total operating income increased by 16.7 per cent from OMR21.81 million in the first three months of 2018 to OMR25.45 million for the same period in 2019.Operating profit increased by 11.2 per cent from OMR12.40 million in the first three months of 2018 to OMR13.79 million in 2019.

Commenting on the first quarter results, Mohammed Mahfoudh Al Ardhi, Chairman of Sohar International, said, “Having embarked on a new journey with a fresh vision and a new strategy, Sohar international has yet again managed to exceed expectations. Our new five-year strategy is already transforming the organisation as we redefine banking, enabling us to grow whilst delivering a robust and pivotal contribution to the national economy. I am confident that with our capable executive management and dedicated members of Sohar International family, we will continue to push boundaries and deliver beyond expectations.”

Sohar International continues to win credibility and trust from its customers, with gross loans and advances increasing by 9.37 per cent from OMR2.220 billion on March 31, 2018 to OMR2.428 billion on March 31, 2019. Net loans and advances grew by 7.52 per cent to OMR2.337 billion on March 31, 2019 from OMR2.173 billion on March 31, 2018. Customer deposits further increased by 9.80 per cent to OMR1.818 billion on March 31, 2019 compared to OMR1.656 billion on March 31, 2018.

Ahmed Al Musalmi, Chief Executive Officer of Sohar International, commented, “The first quarter of 2019 was special as it witnessed the transformation of our organisation into a more dynamic service company, allowing us to achieve such exceptional financial results that are among the highest in the local banking sector."

"This is very important to us as it reflects the high level of confidence reposed in us by our customers in such a transformational stage. Fuelled by a remarkable start in the year, while embracing the Sharp, Human and Unstoppable brand personality, we are optimally positioned to deliver on our purpose of helping customers win and achieve their goals, promising them unrivalled responsive banking services to their ever changing world," he added.


Highlighting the customer centric approach and the positivity towards the future, Al Musalmi added, "Throughout the current year and beyond, we will continue innovating and offering customers More Velocity, More Value and More Vision in everything that we do. I would like to thank our customers, shareholders, regulators, board of directors and every member of our Sohar International family for supporting and being part of this winning chapter".

The bank's market share of private sector credit increased to 10.71 per cent on Feb 28, 2019 compared to 10.18 per cent on March 31, 2018, while its share of private sector deposits increased to 8.34 per cent on Feb 28, 2019 compared to 8.26 per cent on March 31, 2018.Total assets also grew by 5.59 per cent from OMR2.924 billion on March 31, 2018 to OMR3.088 billion on March 31, 2019.

The bank continued to deliver outstanding results across all fronts, continuing to place customers at the heart of all activities. Working in collaboration with key public entities, Sohar International has continued contributing to Oman’s socioeconomic development by supporting initiatives focused on youth and talent development along with knowledge sharing platforms.