01 August 2015
MUSCAT: Bank Sohar announced its financial results for the second quarter that ended on June 30, 2015.
The bank's net profit in the second quarter (Q2) rose significantly by 10.58 per cent from OMR6.588 million in Q1 2015 to OMR7.285 million in Q2 2015. During the same quarter, net interest income grew by 8.80 per cent, rising from OMR11.380 million in Q1 2015 to OMR12.382 million in Q2, while operating income increased by 11.72 per cent from OMR16.201 million in Q1 2015 to OMR18.100 million in Q2. The bank's operating profit also witnessed an increase of 21.59 per cent from OMR8.223 million in in Q1 2015 to OMR9.998 million in Q2 2015.
On an annual basis, gross loans and advances of the bank increased from OMR1.400 billion as of June 30, 2014 to OMR1.620 billion as of June 30, 2015 registering an annual growth of 15.72 per cent. Meanwhile, customer deposits increased to OMR1.567 billion as of June 30, 2015, compared to OMR1.351 billion registered in the same period last year, an annual increase of 15.97 per cent. The bank's market share of Private Sector Credit increased to 9.41 per cent as of end of May 2015, compared to 9.08 per cent in March 2015, while the Private Sector Deposit share marginally increased to 7.85 per cent, compared to 7.83 per cent in March 2015. The total shareholder equity increased to OMR 241.588million, an increase of 32.85 per cent over the previous year. On a half-yearly basis, the banks' total assets grew by 0.48 per cent from OMR2.075 billion as of the end of 2014 to OMR2.085 billion as of the end of June 2015.
Commenting on the results, Rashad Ali Al Musafir, Acting CEO of Bank Sohar, said, "Despite the challenges faced by the banking sector and the economy due to falling oil prices, the bank has witnessed a positive growth in its earning assets with gross loans and advances increasing by a substantial OMR136 million in the second quarter of the year. This growth in our lending book will help the bank net additional revenues during the rest of 2015. Furthermore, the Bank is backed by a strong and proven operating model and we enjoy productive relationships with our valued clients who continue to choose the Bank Sohar brand for all their personal and commercial banking needs. I am confident that through their continued patronage, complemented by the hard work put in by our staff and our dedication towards banking excellence, Bank Sohar will see another year of success in 2015."
The bank's dedication to excellence has been evident in the awards it received during the first half of 2015, including the 'Best Banking Performance' Award at the fourth edition of the Al Roya Economic Award, 'Golden Order of Merit in the field of CSR' Award from UAE based Excellence Awards Academy and the 'Best Enterprise Award' in the fields of quality and management from UK based Europe Business Assembly. The Bank was also recognised as one of the best 'Straight Through Processing' (STP) banks in Oman by Frankfurt based Commerzbank AG and by Standard Chartered Bank earlier this year. Bank Sohar was also recognised as one of the 'Top 5 Large Corporate Enterprises' within the Sultanate and more specifically been ranked as the second under "Top Large Corporate Enterprise" and on the first level as a bank at the Alam Al Iktisad Wal Amaal (AIWA) Awards 2015. In addition to these awards, Bank Sohar also received in total 21 local, regional and international awards in 2014; with acknowledgements varying from financial excellence and growth to its unique products.
MUSCAT: Bank Sohar announced its financial results for the second quarter that ended on June 30, 2015.
The bank's net profit in the second quarter (Q2) rose significantly by 10.58 per cent from OMR6.588 million in Q1 2015 to OMR7.285 million in Q2 2015. During the same quarter, net interest income grew by 8.80 per cent, rising from OMR11.380 million in Q1 2015 to OMR12.382 million in Q2, while operating income increased by 11.72 per cent from OMR16.201 million in Q1 2015 to OMR18.100 million in Q2. The bank's operating profit also witnessed an increase of 21.59 per cent from OMR8.223 million in in Q1 2015 to OMR9.998 million in Q2 2015.
On an annual basis, gross loans and advances of the bank increased from OMR1.400 billion as of June 30, 2014 to OMR1.620 billion as of June 30, 2015 registering an annual growth of 15.72 per cent. Meanwhile, customer deposits increased to OMR1.567 billion as of June 30, 2015, compared to OMR1.351 billion registered in the same period last year, an annual increase of 15.97 per cent. The bank's market share of Private Sector Credit increased to 9.41 per cent as of end of May 2015, compared to 9.08 per cent in March 2015, while the Private Sector Deposit share marginally increased to 7.85 per cent, compared to 7.83 per cent in March 2015. The total shareholder equity increased to OMR 241.588million, an increase of 32.85 per cent over the previous year. On a half-yearly basis, the banks' total assets grew by 0.48 per cent from OMR2.075 billion as of the end of 2014 to OMR2.085 billion as of the end of June 2015.
Commenting on the results, Rashad Ali Al Musafir, Acting CEO of Bank Sohar, said, "Despite the challenges faced by the banking sector and the economy due to falling oil prices, the bank has witnessed a positive growth in its earning assets with gross loans and advances increasing by a substantial OMR136 million in the second quarter of the year. This growth in our lending book will help the bank net additional revenues during the rest of 2015. Furthermore, the Bank is backed by a strong and proven operating model and we enjoy productive relationships with our valued clients who continue to choose the Bank Sohar brand for all their personal and commercial banking needs. I am confident that through their continued patronage, complemented by the hard work put in by our staff and our dedication towards banking excellence, Bank Sohar will see another year of success in 2015."
The bank's dedication to excellence has been evident in the awards it received during the first half of 2015, including the 'Best Banking Performance' Award at the fourth edition of the Al Roya Economic Award, 'Golden Order of Merit in the field of CSR' Award from UAE based Excellence Awards Academy and the 'Best Enterprise Award' in the fields of quality and management from UK based Europe Business Assembly. The Bank was also recognised as one of the best 'Straight Through Processing' (STP) banks in Oman by Frankfurt based Commerzbank AG and by Standard Chartered Bank earlier this year. Bank Sohar was also recognised as one of the 'Top 5 Large Corporate Enterprises' within the Sultanate and more specifically been ranked as the second under "Top Large Corporate Enterprise" and on the first level as a bank at the Alam Al Iktisad Wal Amaal (AIWA) Awards 2015. In addition to these awards, Bank Sohar also received in total 21 local, regional and international awards in 2014; with acknowledgements varying from financial excellence and growth to its unique products.
© Times of Oman 2015
