Sohar International’s H1 net profit jumps 33%
Sohar International Bank has reported a 32.91 per cent growth in its net profit for the first half of 2019. The bank’s net profit for the six months period ended June 30, 2019 came at RO18.58mn compared to RO13.98mn during the same period in 2018.
Commenting on the financial results, 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, capitalise on upcoming opportunities, play an active and positive role in enhancing the national economy, and continue to create value for Oman,” he added.
Sohar International’s total operating income increased by 16.58 per cent from RO42.5mn in the first six months of 2018 to RO49.55mn for the same period in 2019. Operating profit increased by 21.24 per cent to RO26.91mn as compared to RO22.19mn at the end of June 2018.
The bank’s gross loans and advances increased by 10.86 per cent to RO2.51bn this year, from RO2.26bn as compared to the same period of last year. Customer deposits increased by 14.09 per cent to RO1.947bn as of June 30, 2019 compared to RO1.706bn during the same period of last year.
Ahmed al Musalmi, CEO of Sohar International said, “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.”