Demonstrating exemplary progress in key areas of operations, Sohar International has remained persistent in fulfilling the goals defined in its growth, expansion, and digital transformation strategies. Fuelled by innovation, customer-centricity, and the inherent zeal to offer world-class financial products and services to the Omani society, Sohar International was ranked by the highly coveted Best Banks Survey as the ‘Fastest Growing Bank’ in the Large Banks Category. The results of the survey are declared after a stringent analysis of various factors and are, therefore, one of the most sought-after accolades in the banking industry. At the same event, the bank was also applauded for achieving ‘Excellence in Digital Transformation’. The bank won the two accolades at the Oman Banking and Finance Awards, held under the seventh edition of the New Age Banking Summit (NABS). Sohar International has been registering accelerated development across all parameters in the past year while setting new benchmarks in the digital realm.
Receiving the coveted awards at the highly anticipated banking event was the Chief Executive Officer of Sohar International – Mr Ahmed Al Muslami. The summit, which was hosted by His Excellency Shaikh Salim Bin Mustahail Al Mashani honoured His Excellency Tahir Al Amri, Executive President, Central Bank of Oman as the Chief Guest and keynote speaker, took place on 31 May 2022 at Al Bustan Palace . The summit also witnessed the participation of over 150 delegates from more than 100 BFSI and technology companies, including leaders of the top 10 banks in Oman.
Commenting on the awards, Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International said, “Prestigious awards like these further attest to the bank’s well-placed, strategic, and progressive business plans. Our stellar growth story goes beyond our proven capabilities that are at par with international financial institutions – our pride stems from the fact that we have shown resilience, even in challenging times, and have remained unfaltering in our commitment to providing our customers with superior products and services. The emphasis we placed on technological innovation also acted as a key catalyst for our growth as we continued to align with the digitalisation goals of the country. Responding to market demands, the bank has radically transformed its digital channels to deploy a new, best-in-class, omni-channel platforms. The healthy and consistent growth experienced has been on the back of innovating thinking, actively seeking out new opportunities, and ensuring that we continue fulfilling 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’s growth and digital transformation strategies have been purposefully geared at unifying the efforts of every team member to ensure that the needs of its clients are addressed. With performance indicators and figures acting as a testament to the bank’s uninterrupted growth, Sohar International recorded a profit increase of 22.1% to RO 8.52 million as of 31 March 2022 as compared to RO 6.98 million in the same period last year. Driven by an increase in net interest income, fees and commissions, and foreign exchange, the bank also registered an increase in total operating income which grew by 15.9% to RO 30.36 million. Meanwhile, as of 31 March 2022 total assets of the bank increased by 11.8% to RO 4,196 million, customer deposits grew by 5.1% to RO 2,410 million, and shareholder’s equity rose from RO.532.6 million to RO. 585.5 million which included the highly successful rights issue in 2021 of RO. 50 million.
While the bank continues to expand its physical presence through state-of-the-art branches, it has also remained invested in the digital and technological realm in an endeavour to further cement its relations with its current partners and lay the foundation for sustained growth. By successfully rolling out unique digital propositions by deploying cutting-edge technology, the bank has been able to cater to its diverse customer segments and promote an inclusive, seamless, and agile banking experience.
NABS is a unique platform for networking with experts, gaining insights into the projected forecasts in the banking sector, and understanding the role of FinTech. Sohar International’s ongoing commitment to supporting such thought leadership summits further testifies to the bank’s perseverance in leading transformation in the sector.