Further cementing its position as one of Oman’s leading banking institutions, Bank Sohar has recently been named the ‘Best Financial Brand Oman 2014’ by renowned UK based Global Brands Magazine.
Commenting on receiving the prestigious award, Dr. Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar said, “We are delighted and appreciative of the global recognition that we have received recently. This award and the numerous other awards that Bank Sohar had achieved in the recent past are a testimony to the solid foundation that the Bank has been built upon and a reflection of where we stand as a financial institution and brand within the financial sector. In a relatively short seven years, we have managed to make significant strides, not only towards ensuring sound fundamentals, but also towards giving back to the economy we serve.”
The award was presented to Bank Sohar after the UK based Global Brands Magazine analyzed its performance in 14 categories, encompassing every aspect of its business. As a result, this award is a clear reflection of Bank Sohar’s performance for the financial year ending December 2013, which was yet another exceptional year for the Bank. Building on the previous year’s outstanding performance, Bank Sohar had registered a year-on-year net profit growth of 16.77% amounting to OMR 26.871mn. The operating profit for the financial year 2013 witnessed a growth of 10.79% from OMR 28.644Mn in the previous year to OMR 31.735Mn. Furthermore and despite the banking industry in Oman becoming increasingly competitive, Bank Sohar has, in a short span of time, managed to successfully grow to become the fourth largest and one of the most profitable banks in the country.
“We consider this global recognition a result of our efforts in achieving constant improvements in our business development and the quality of services we provide our customers as well as a result of the strong momentum that we continue to drive within the work environment. Such achievements would not be possible without the Bank’s Board of Directors’ vision and support, customer trust and loyalty, senior management guidance and leadership and the hard work of the entire Bank staff” added Dr. Mohamed Abdulaziz Kalmoor.
Bank Sohar has been a leader in innovative services, using modern technology and social media platforms, and opening various communication channels to reach out to its large base of customers. The bank has been leading by example and is heavily involved in the local community, providing extensive support to charitable causes and initiative that contribute to the development of the Omani society. Today, Bank Sohar has a network of 25 branches and 50 ATMs across the Sultanate while customers continue to enjoy the privilege of free-of-charge access to over 1,000 ATMs under the ‘Oman-Net’ platform.
Head-quartered in United Kingdom, Global Brands Magazine is an independent branding magazine that was established with the aim of honoring excellence in performance and rewarding Companies across different sectors. The awards are given to acknowledge key players who strive for excellence and provide a platform for recognition. The award also aims to identify and create awareness about the significance of exceptional service delivery and reward performance with the ultimate global recognition. In fact, more than 3,300 Banks were evaluated in the last study conducted by them.
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