Oman-based Bank Sohar has posted a net profit of RO21.940 million ($56.8 million) for the first nine months of the year, a 15.62 per cent raise on its performance throughout the same period in 2017.

The bank’s total operating income increased by 26.93 per cent from RO54.871 million in the first nine months of 2017 to RO69.650 million for the same period in 2018. Net operating income similarly increased by 38.40 per cent from RO28.772 million in the first nine months of 2017 to RO39.821 million for the same period in 2018.

Correspondingly, the bank’s operating expenses increased by 14.29 per cent to RO29.829 million, compared to RO26.099 million in the first nine months of 2017. The bank remains focused on its customer centric strategy as a core driver of its continued and sustainable growth.

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 Q3 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 RO2.050 billion as at 30 Sep 2017 to RO2.297 billion in 30 Sep 2018. Net loans and advances grew by 10.77 per cent to RO2.221 billion as at 30 Sep 2018 from RO2.005 billion as at 30 Sep 2017.

Total assets grew by 14.29 per cent from RO2.597 billion as at 30 Sep 2017 to RO2.968 billion as at 30 Sep 2018. Customer deposits increased by 9.78 per cent to RO1.717 billion as at 30 Sep 2018 compared to RO1.564 billion as at 30 Sep 2017. The bank’s market share of private sector credit was 10.23 per cent as at 31 July 2018 compared to 9.76 per cent as at 30 Sep 2017, whilst its share of private sector deposits was 8.14 per cent as at 31 July 2018 compared to 8.21 per cent as at 30 Sep 2017.

Ahmad Al Musalmi, CEO of Bank Sohar, said: “Throughout Q3 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 evermore successful banking machine.” – TradeArabia News Service