Sohar International, a leading bank in Oman, has posted a net profit of RO18.584 million ($48.15 million) for the first half (H1) of the year, compared to RO13.982 million during H1 2018, reflecting a growth of 32.91 per cent.

Mohammed Mahfoudh Al Ardhi, chairman of Sohar International, said: “The half year financial results are a great reflection of Sohar International’s new vision and strategy in full gear.  We see greater demand for financing in the near future due to improved oil prices and the commitment of the government to continue focusing on infrastructure projects along with investments in sectors identified as key in the economic diversification plan.

“We see continued credit growth and government focus on economic diversification as well as investments in projects of national importance.  Sohar International is well positioned to further build on its market excellence, capitalize on upcoming opportunities, play an active and positive role in enhancing the national economy, and continue to create value for Oman.”

Sohar International’s total operating income increased by 16.58 per cent from RO42.503 million in the first six months of 2018 to RO49.552 million for the same period in 2019. Operating profit increased by 21.24 per cent to RO26.910 million as compared toRO22.195 million at the end of June 2018.

Gross loans and advances increased by 10.86 per cent to RO2.510 billion this year, from RO2.264billion as compared to the same period last year. Total assets grew by 7.05 per cent from RO3.009 billion to RO3.221 billion. Customer deposits increased by 14.09 per cent to RO1.947 billion as at 30 June 2019 compared to RO1.706 billion during the same time last year.

During the first six months of 2019 operating expenses of the Bank increased by 11.49 per cent to RO22.642 million compared to RO20.308 million in the first six months of 2018, reflecting Sohar International’s continued investment in people and core infrastructure. The Bank continues to focus on delivering sustainable growth in line with its strategic objectives.


Chief executive officer of Sohar International, Ahmed Al Musalmi remarked: “Continuing to embark on the path set by our new brand identity, and constantly persevering to increase value for stakeholders in particular, and the nation at large- we thank our valued patrons and partners for the trust and support reposed in the Bank.”

Al Musalmi added: “Sohar International entered 2019 with a great sense of optimism and embraced the principles of more velocity, more value, and more vision in its strategic approach; while embodying the attributes of being sharp, human and unstoppable. We are pleased that the effects of these principles are embedded in our half-yearly financial results.

“Our focus for the year remains geared towards helping customers win and achieve their goals, promising them unrivalled responsive banking services for their ever-changing world. Following the national agenda and playing an active role, Sohar International continues to seek and promote in country values (ICV), identifying key projects that will contribute in the short and long run towards the local economy while creating opportunities for individuals and businesses alike.” – TradeArabia News Service