Cementing its position as one of Oman’s most dynamic banking institutions, Bank Sohar is pleased to announce that it has been named the ‘Fastest Growing Bank Oman 2014′ by International Finance Magazine (IFM) headquartered in London, United Kingdom.
“We are proud to have won the award for the Fastest Growing Bank in Oman and view this achievement and recognition as an incentive, furthering our efforts to expand our business and build on our continued success in a competitive marketplace. To receive recognition such as this is indeed an indication of success for our dedicated employees who, under the astute guidance of the Bank’s Board of Directors, drive our customer-centric banking model. This award is also a measure of encouragement for our customers and other stakeholders, who have put their faith in us,” commented Dr. Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar.
Bank Sohar’s assets have grown remarkably over the past seven years and it has since become one of the leading banks in the Sultanate. As a testament to its success, Bank Sohar was also named the ‘Fastest Growing Bank in Oman’ by UAE-based CPI Financial in both 2012 and 2013. Bank Sohar followed a similar trend in 2013, achieving a Net Profit of RO 26.87 million Omani Rials, registering a growth of 16.8 percent as compared to a Net Profit of RO 23.01 million in 2012. The profit growth for the conventional bank (excluding Islamic Banking) was 19.6% increasing from RO 23.01 in 2012 to RO 27.52 million in 2013. The operating income for the bank increased by 13.2 percent from RO 52.32 million in 2012 to RO 59.21 million this year.
As a true reflection of the strength of its operating model, Bank Sohar continued its progress and growth in the first Quarter of 2014. In just the first three months of 2014, the Bank’s net profit catapulted by 30.85% to RO 7.96 mn, compared to 6.08 mn in Q1 2013. The Bank also witnessed an improvement in several revenue categories, including net interest income and fee income from retail, Corporate and Investment businesses.
Such a strong financial standing at the end of 2013 coupled with its strong portfolio and its ability to consistently deliver strong performance with a commitment towards ‘Excellence’, which is the Bank’s core philosophy, is what netted Bank Sohar this prestigious recognition.
Significantly, the award represents another ‘feather in the cap’ for Bank Sohar as it celebrates its seventh year of commercial operations in the Sultanate. This year alone Bank Sohar and the CEO were also named ‘Best Financial Brand Oman 2014′ and ‘Best Banking CEO Oman 2014′ respectively by renowned UK based Global Brands Magazine. The Bank also received ‘The Diamond Eye Award for Quality, Commitment & Excellence’ from the French based Otherways Management & Consulting Association. Bank Sohar was also presented with the “Strategic Award” for their corporate website (www.banksohar.net) from the Lebanon based Pan Arab Excellence Awards Academy as well as at the recently held Oman Web Awards.
These awards, and the others achieved by the Bank in the recent past are a testament to the solid foundation that the Bank has been built upon and a reflection of the leadership style as well as its strong position as both, a financial institution and brand within the financial sector in the Sultanate.
Headquartered in London, International Finance Magazine was founded with a mission to convey credible financial news and articles to the global financial community in a concise, simple and easy-to-understand manner. The IFM Awards celebrates excellence in its purest form, shining a spotlight on those who make a contribution to raising the bar in the financial industry through activities of note. All nominees are evaluated on the basis of growth, sustainability of operations and risk bearing capability; the contenders to this trophy are also evaluated on asset quality parameters to suggest that the banks have grown in a sustainable manner. These also include path-breaking initiatives in corporate social responsibility or charitable activities, better corporate governance and other achievements that impact the finance community.