18 April 2012
MUSCAT -- Bank Sohar celebrated five years of successful operations with a joyous cake-cutting ceremony attended by members of senior management and staff at the bank's head office.
Dr Mohamed Abdulaziz Kalmoor, CEO, Bank Sohar led the celebrations joined by senior colleagues and fellow employees to commemorate yet another important milestone in the bank's rapid evolution into a national financial institution of repute.
To enthusiastic applause and unbridled jubilation, the CEO did the honours by cutting a lavish, made-to-order cake proudly emblazoned with Bank Sohar's logo and a celebratory greeting extolling the bank's commitment to excellence. The staff later partook of a sumptuous anniversary lunch hosted by the management.
Greeting his fellow colleagues and staff on the occasion, Dr Kalmoor said: "This fifth anniversary is a significant milestone and joyous moment for all of us. I feel incredibly proud of how far we've come in such a short time, having not only established ourselves firmly on the national stage, but also in the robustness of our brand. We are very grateful to our customers who have placed their faith in us as financial partners."
Turning to Bank Sohar's growing family of employees, the CEO added: "While I salute each one of you for your steadfast commitment and contribution to our continuing success, let us all rededicate ourselves to the goal of strengthening the Bank Sohar brand as we step into the sixth year of business."
Munira Abdulnabi Macki, DGM -- Human Resources and Corporate Support, Bank Sohar said: "From the time of Bank Sohar's founding in 2007 to this present juncture, we have gone from strength to strength over these past five momentous years. Credit in abundant measure goes to all our employees who have made such a huge difference to our young bank. We believe that our collective commitment to our customers has helped us reach this milestone. We are very proud of our success and standing as a financial institution, and look forward to being a strong force for economic growth for many more years to come."
Although one of Oman's youngest banks, Bank Sohar's assets have witnessed remarkable growth over the past five years. At the close of business in 2011, Bank Sohar registered a net profit of RO 14.497 million compared to RO 10.22 million for the previous year, entailing a year-on-year increase of 41.8 per cent. The operating profit for the year was RO 20.007 million compared to RO 15.645 million in 2010, an increase of 27.9 per cent.
Net interest income during the year climbed 13.6 per cent to RO 34.757 million, compared to RO 30.595 million in 2010. The operating income for the year 2011 increased by 22.60 per cent from RO 35.231 million in 2010 to RO 43.186 million. The cost-to-income ratio stood at 53.67 per cent in 2011, down from 55.6 per cent in 2010.
Significant gains were made in other areas of the bank's business as well. Net loans and advances jumped 12.9 per cent during the year to touch RO 1,020 million, against the previous year's level of RO 903 million.
Customer deposits grew by 17.2 per cent to RO 1,171 million during the year, as compared to RO 999 million in 2010. The overall gross loan addition stood at RO 120.788 million. As of end 2011, the gross loan book of the bank stood at RO 1.041 billion, representing an increase of 13.1 per cent for the year.
MUSCAT -- Bank Sohar celebrated five years of successful operations with a joyous cake-cutting ceremony attended by members of senior management and staff at the bank's head office.
Dr Mohamed Abdulaziz Kalmoor, CEO, Bank Sohar led the celebrations joined by senior colleagues and fellow employees to commemorate yet another important milestone in the bank's rapid evolution into a national financial institution of repute.
To enthusiastic applause and unbridled jubilation, the CEO did the honours by cutting a lavish, made-to-order cake proudly emblazoned with Bank Sohar's logo and a celebratory greeting extolling the bank's commitment to excellence. The staff later partook of a sumptuous anniversary lunch hosted by the management.
Greeting his fellow colleagues and staff on the occasion, Dr Kalmoor said: "This fifth anniversary is a significant milestone and joyous moment for all of us. I feel incredibly proud of how far we've come in such a short time, having not only established ourselves firmly on the national stage, but also in the robustness of our brand. We are very grateful to our customers who have placed their faith in us as financial partners."
Turning to Bank Sohar's growing family of employees, the CEO added: "While I salute each one of you for your steadfast commitment and contribution to our continuing success, let us all rededicate ourselves to the goal of strengthening the Bank Sohar brand as we step into the sixth year of business."
Munira Abdulnabi Macki, DGM -- Human Resources and Corporate Support, Bank Sohar said: "From the time of Bank Sohar's founding in 2007 to this present juncture, we have gone from strength to strength over these past five momentous years. Credit in abundant measure goes to all our employees who have made such a huge difference to our young bank. We believe that our collective commitment to our customers has helped us reach this milestone. We are very proud of our success and standing as a financial institution, and look forward to being a strong force for economic growth for many more years to come."
Although one of Oman's youngest banks, Bank Sohar's assets have witnessed remarkable growth over the past five years. At the close of business in 2011, Bank Sohar registered a net profit of RO 14.497 million compared to RO 10.22 million for the previous year, entailing a year-on-year increase of 41.8 per cent. The operating profit for the year was RO 20.007 million compared to RO 15.645 million in 2010, an increase of 27.9 per cent.
Net interest income during the year climbed 13.6 per cent to RO 34.757 million, compared to RO 30.595 million in 2010. The operating income for the year 2011 increased by 22.60 per cent from RO 35.231 million in 2010 to RO 43.186 million. The cost-to-income ratio stood at 53.67 per cent in 2011, down from 55.6 per cent in 2010.
Significant gains were made in other areas of the bank's business as well. Net loans and advances jumped 12.9 per cent during the year to touch RO 1,020 million, against the previous year's level of RO 903 million.
Customer deposits grew by 17.2 per cent to RO 1,171 million during the year, as compared to RO 999 million in 2010. The overall gross loan addition stood at RO 120.788 million. As of end 2011, the gross loan book of the bank stood at RO 1.041 billion, representing an increase of 13.1 per cent for the year.
© Oman Daily Observer 2012
