Adding yet another feather to its hat, Oman’s leading financial services company, Sohar International, won the 'Best Bank (Large Size) in Growth’ award at the Oman Banking & Finance Awards 2020. The top honor is exemplary of Sohar International’s determined robust growth, underpinned by its continued investment in key economically viable initiatives. In recognition of the 2019 financial performance, the bank in particular reflected healthy growth in its loan books, customer deposits, fee income, operating profit, net profit, and gross loans despite challenging market conditions.
Sohar International’s Chief Executive Officer, Mr. Ahmed Al Musalmi received the award on behalf of Sohar International in a ceremony held at Hotel Sheraton Oman. The prestigious Oman Banking & Finance Awards, powered by OER, were co-located at the fifth edition of New Age Banking Summit Oman. Hosted by His Excellency Shaikh Salim Bin Mustahail Al Mashani, His Excellency Tahir Al Amri, graced the occasion as the Chief Guest.
Expressing his delight on winning the coveted award, Mr. Al Musalmi, said, “It is with great pride and honor that we receive the 'Best Bank (Large Size) in Growth’ Award. This award is a true testament to our resilient growth strategy that strongly aligns with our brand vision - positioning Sohar International as a world-leading Omani service company that helps customers, communities and people to prosper and grow. This award comes in at a time when the economies are battling unforeseen challenges, however with our focused approach and an unstoppable desire to win, we forge on delivering responsive banking for an ever-changing world, and ensuring international standard services for our customers and all other stakeholders. This reflects our steady journey towards becoming a world-leading Omani service.”
Sohar International recorded spectacular financial performance and an exceptional year of growth in year 2019 as it posted a net profit of 17.2% compared to year 2018. As part of its ongoing strategy to continue focusing on sound asset quality to ensure long term sustainability of the bank, Sohar Internationals asset book witnessed a healthy increase of 15.1% to OMR 3.505 billion compared to OMR 3.046 billion in year 2018, where net loans and advances increased by 9.0% to RO 2,454 million compared to RO 2,252 million in year 2018. In a relatively small market, the Bank has also successfully managed to attract a vast number of depositors reflecting an increase in deposits of 15.3% to RO 2,097 million compared to RO 1,818 million in year 2018. The bank also witnessed a double digit growth of 10.8% overall in Net operating income amounting to RO 104.659 million compared to RO 94.438 million in 2018
Mr. Musalmi further stated, “At Sohar International, we have been ahead of the curve in adopting a culture of innovation and winning, which has certainly gone a long way in earning us accolades such as this award. With the trust and support of our stakeholders, and our consistent efforts to achieve bigger wins for the people of Oman and the nation at large are testament to the value we strive to create for Oman, in line with its 2040 vision. We hope to continue to build our market excellence and tap on to the endless opportunities that global banking has to offer.”
Despite economic headwinds, the 2019 financial results positioned the Bank as the fastest growing local bank pursuing its clearly defined vision. The development and implementation of Sohar International’s agile growth strategy has been instrumental in driving innovation and customer-centric banking services to the bank’s fast growing client base.
Sohar International has been conferred with a number of awards and accolades at prestigious international and national platforms over the years. The Bank recently won the ‘Best Performing Bank’ in Oman Award by the UK based Financial Times monthly publication - The Banker, in the Top 100 Arab Bank 2020 which is resounding endorsement of Sohar International’s success in the journey to achieve bigger wins for the people of Oman. The bank was also adjudged as a frontrunner under the Innovative Custom Components category at the sixth edition of the Infosys Finacle Client Innovation Awards.
The Oman Banking & Finance Awards, powered by OER, are presented to select banks and industry professionals for their path breaking performance, unique solutions and market leadership. The event was be attended by senior-to-mid level bankers, fintech experts, finance & investment professionals, insurance experts and business consultants. The event was held under strict social distancing norms.