With financial indicators testifying the bank’s exemplary performance in the fiscal year 2021, Sohar International has been awarded the “Fastest Growing Commercial Bank – Oman 2021” by the UK-based Global Economics, recognizing the bank’s stellar leadership and overall growth. The highly coveted annual event, which was held at Shangri-La Dubai, applauded the best market players in the realm of their business.
Commenting on the bank being recognized as the Fastest Growing Commercial Bank, Mr Ahmed Al Musalmi, Chief Executive Officer of Sohar International, said: “With a vision of becoming a world-leading Omani service company that helps customers, communities and people to prosper and grow, this award stands as a testament to the successful implementation of our agile growth strategy set forth 3 years ago. Despite global economic challenges, we have navigated rough waters and have managed to organically grow our asset base positioning Sohar International as one of the top three banks locally in a relatively short span of time. The healthy and consistent growth experienced has been on the back of innovating thinking, actively seeking out new opportunities, and ensuring that we always fulfill our purpose of helping people win whilst delivering banking for their ever-changing world. Such growth does not only contribute to the bottom-lines, but also - more importantly - positions us to contribute towards our communities, as well as play an active and complimentary role towards enhancing the socioeconomic scene within the country aligning us with Oman Vision 2040.”
Sohar International recorded spectacular financial performance and an exceptional year of growth in year 2021 recording an increase in the net profit of 41.6% to RO 28.3 million for the year ended December 31, 2021, up from RO 20.0 million for the previous year. With a healthy increase in 14.5% in total assets, year 2021 also witnessed Sohar International raising its Tier I capital by RO 50 million. The bank also registered a 14.5% increase in its total assets as of 31 December 2021 amounting to a total of RO 4,134 million as compared to RO 3,611 million as of 31 December 2020. Its net loans and advances also increased by 4.3% to reach RO 2,612 million as opposed to RO 2,503 million as of 31 December 2020.
“These milestones would not have been possible without the loyalty of our customers, the exemplary efforts of our people, and the trust of our shareholders represented by the visionary Board of Directors. This award will serve as a motivation to us to continue to strive for excellence and will further encourage us to achieve greater wins in the future,” Mr. Al Musalmi added.
Sohar International has been successful in striking the right balance between achieving exemplary growth and providing long-term benefits to help the community thrive and prosper. By providing its wholesale banking and retail clients strategic, well-conceived and thoughtful financial solutions as well as expert advisory services, the bank has extended the necessary support to businesses in times of need. In addition, aligning itself to Oman Vision 2040, Sohar International has also been at the forefront of financing large projects of national importance which have in turn led to the creation of job opportunities and benefitted the national economy.
Sohar International’s strong corporate governance policies, focus on enhancing its core business areas and efforts towards increasing customer engagement have significantly contributed to the bank’s growth. At the same time, by continuously enhancing its product and service portfolio, the bank has extended its support to local businesses and continued to contribute to the socio-economic goals of the country. Through various such initiatives, Sohar International believes in making banking a winning journey for the people of Oman.
With excellence in all its banking operations and the inherent fervor to contribute towards the economic progress of the country, Sohar International has earned commendable recognition for its winning strategies and has successfully positioned itself as a premium bank in the Sultanate. Amongst its recent accolades, Sohar International won the ‘Best Employer Brand’ Award as well as the Award for ‘Managing Health at Work’ at the World HRD Congress - Oman Best Employer Brand Awards 2021 - a global body based out of India. The Bank was also honored with two coveted titles at the World Economic Magazine Awards based out of the United States of America, for being the “Most Innovative Bank 2021” and for the “Most Improved Bank in Profitability Management 2021”. The bank won the highly coveted award titled ‘Innovative Campaign of the Year' at the Oman Banking and Finance Awards, powered by OER and co-located with New Age Banking Summit 2021. The bank was also conferred the ‘Best Corporate Banking – Oman 2021’ award at the Business Outlook Media Awards based in UAE. Awards like these confirm the bank’s unique leadership, pursuit of excellence and determination to create a winning experience. In addition, the bank has earned two prestigious accolades; “COVID Response Innovation” and “Process Innovation”, at the Infosys Finacle Client Innovation Awards 2021 for its stance on innovation and its journey towards digitalization, ensuring that it continues to play a vital role in economic development whilst supporting customers and the community at large.