Sohar International sets benchmark in GCC banking sector

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Sohar International, the fastest-growing bank in Oman, has shown remarkable growth among top banks in the GCC achieving top rankings in Total Assets and Return on Equity (ROE) among all GCC banks.

Sohar International led the charge with the highest year-on-year growth in total assets across the GCC, marking a staggering 61.9% increase. This remarkable achievement underscores the bank’s strong financial health, strategic asset management, and commitment to expanding operations and market reach, said a new KPMG report titled: ‘GCC Listed Banks’ Results: Adaptation and Growth’.

The report factored in countries comprising the GCC (i.e. Oman, Saudi Arabia, UAE, Qatar, Bahrain and Kuwait) and summarised the financial results and selected key performance indicators (KPIs) of the 52 leading GCC banks for the year-ended December 31, 2023.

Sohar International’s asset growth not only reflects its operational excellence but also its strategic foresight in navigating the dynamic and quickly evolving GCC financial landscape.

Excellence in shareholder value

In addition to its asset growth, Sohar International has also distinguished itself by securing the second position in the return on equity (ROE) category across the GCC.

This notable accomplishment is a testament to the bank’s efficiency in utilising equity and generating significant profits from its assets. Sohar International’s commitment to maximising shareholder value while maintaining operational efficiency highlights its position as a leader in profitability and financial stewardship.

The bank also recently obtained a no-objection certificate from the Saudi Central Bank (SAMA), paving the way for the commencement of operations in the thriving Saudi Arabian market.