Muscat - Cementing its position as one of Oman's most dynamic banking institutions, Bank Sohar announced that it was named the 'Fastest Growing Bank in Oman' at the Banker Middle East Product Awards 2013 organised by CPI Financial.
Demonstrating excellence and the fastest rate of growth in the banking sector in the sultanate, Bank Sohar scooped the prestigious award for the second year running, establishing the bank's increasing presence in Oman.
According to a press release, the award was conferred on Bank Sohar at a ceremony held in Dubai on June 19. Chief executive Dr Mohamed Abdulaziz Kalmoor accepted the award on behalf of the bank. Abdulali Abdullah al Lawati, senior AGM, corporate support, and Mazin Mahmood Al Raisi, AGM & head, marketing and publicity, also attended the ceremony. CEOs and top-flight bankers representing leading institutions from across the Middle East and Africa region also attended the gala event.
"Receiving this award for the second year running is a singular honour for Bank Sohar and is a testament to the commitment to "excellence', which is the bank's core philosophy," said Dr Kalmoor.
He said, "It gives us great pride to be recognised for our growth, only six years from commencement of our operations. In a heavily competitive market, to receive such a recognition is indeed encouraging for our dedicated employees who drive our customer-centric banking model, as well as a measure of success for our customers and other stakeholders, who have put their faith in us.
"Bank Sohar's assets have also grown remarkably over the past six years. At the end of 2012, customer deposits grew by 14.17 per cent to reach RO1.34bn, from RO1.17bn in 2011. Net loans and advances jumped 12.4 per cent during the year to touch RO1.15bn, against the previous year's RO1.02bn. Net profit at the end of 2012 jumped an impressive 58.73 per cent to RO23.01mn, compared with the previous year's earnings of RO14.5mn. Operating income rose 21.14 per cent to RO52.32mn in 2012, from RO43.19mn in 2011," he added.
The Banker Middle East Product Awards 2013 are conducted by CPI Financial, one of the region's most influential publishers of business and financial news through digital and print media.
© Muscat Daily 2013
