In a resounding endorsement of its stellar leadership and lofty growth ambitions, Sohar International has been awarded the prestigious ‘Best Performing Banks’ in Oman Award by the UK based Financial Times monthly publication - The Banker, in the Top 100 Arab Bank 2020 Awards. In recognition of the 2019 financial performance, the bank also ranked 3rd in Oman for Tier 1 Capital, 2nd in Oman for Capital Assets, and 58th in the Middle East for Tier 1 Capital.
Commenting on receiving the recognition, Mr Ahmed Al Musalmi, Chief Executive Officer of Sohar International, said: “We are delighted to be recognised as the Best Performing Bank in Oman by the Banker (Financial Times) which attests our leadership within the banking sector in Oman. At Sohar International, every decision we take is supported by market insights, diligent research, and strategic direction. 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. Though this recognition comes at a time when economic conditions are challenging, Sohar International has weathered the storm and continues to emerge strong.”
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. With a healthy increase in 15.1% in total assets, year 2019 also witnessed Sohar International strengthen its capital base with an over-subscription of RO 100 million Perpetual Bonds and additional subscription of Rights Issue of another RO 40 million.
Committed to maintain global best practices and focused on long-term benefits to the community and the nation, the robust performance of Sohar International is consistently endorsed by the global banking community. The Banker award speaks volumes on the leadership position enjoyed by the Bank and endorses the unique customer experience that provides best in class products and services. The Bank prides itself in its deep understanding of customer requirements to offer financial expertise and guidance at all levels.
“It is without a doubt that this milestone would have not been possible if it weren’t for the trust, support, and commitment of all our stakeholders as we continue in our journey of creating more wins. This milestone is one that will further propel us towards greater heights and wins in the future as we continue rolling out our agile growth strategy” added, Mr Ahmed Al Musalmi.
With customer-centricity and a strong market position, the Bank is ahead of the curve in adopting a culture of innovation and winning; which is key to its proposition. The strategy has certainly gone a long way and resulted in earning the Bank several local, regional, and international accolades. Recently, Sohar International was adjudged as a frontrunner under the Innovative Custom Components category at the 6th edition of the Infosys Finacle Client Innovation Awards.
Reckoned the most prestigious global banking award, the annual Banker awards define the unique achievements of leading financial institutions across the globe. It provides economic and financial intelligence for the world's financial sector and has built a reputation for objective and incisive reporting. The Banker has been the trusted source of banking information since 1926.