MUSCAT: Since its inception, eight years ago, Bank Sohar has placed great emphasis on building strong relationships with its customers.
It has since not only succeeded in growing into one of the prominent banks in the country, but has also garnered a reputation as a pioneer in the banking sector.
The bank’s performance over the years has earned it a reputation as one of the fastest growing banks with regards to performance, and its dedication towards excellence is clearly evident in the awards it has received; the most recent of which was the ‘Best Banking Performance’ award at the fourth edition of the Al Roya Economic Award 2015.
In 2014 alone the bank has received 21 local, regional and international awards, with acknowledgements varying from financial excellence and growth to unique product and CSR awards.
This includes being named the ‘Best Financial Brand Oman 2014’ by renowned UK based Global Brands Magazine as well as receiving ‘The Diamond Eye Award for Quality, Commitment & Excellence’ from the French based Otherways Management & Consulting Association and ‘Business Excellence Award’ by Texas based, World Confederation for Business (WORLDCOB), as well as being named the ‘Fastest Growing Bank in Oman 2014’ from UK based International Finance Magazine (IFM), and also recognized as one of the ‘Top 5 Large Corporate Enterprises in the Sultanate’ for the third consecutive year at the Alam al Iktisad Wal Amaal (AIWA) Awards, among others.
Commenting on the occasion of the bank completing eight years of successful operations, Rashad Ali al Musafir, acting CEO of Bank Sohar said, “We are proud to have successfully completed eight years of banking excellence in the Sultanate of Oman. Our success as a banking institution and our exceptional growth has been the result of our collective and unwavering focus toward sustainable growth together with the strong relationship we share with our customers and the innovative products and services we have developed and introduced into the market.
“I am confident that, through the wise guidance and bold vision set forth by our board of directors, the trust of our customers and the commitment of our staff, Bank Sohar will surge forward towards another year of banking excellence in 2015.”
Bank Sohar’s continued year-on-year growth is clearly reflective in their financial results for the year ended 2014, where the bank forged ahead on almost all financial measures.
The net profit of RO29.878 mn for the year 2014 was 11.19 per cent higher than the previous year’s net profit of RO26.871mn. The operating profit for the year 2014 was RO38.988mn as compared to RO31.735mn in 2013, an increase of 22.85 per cent.
Net interest income during the year 2014 climbed 9.34 per cent to RO47.592mn, as compared to RO43.526mn in 2013. The operating income for the year 2014 increased to RO70.319mn, an increase of 18.76 per cent as compared to RO59.210mn in 2013.
The retail banking division has always been one of the key contributors to Bank Sohar’s success in Oman. This important segment continues to grow in terms of business volume and clientele base year after year. Retail banking offers an array of customer centric products and services to satisfy the diversified requirements of clients across all segments.
In 2014, the customer service focus was the hallmark and such measures increased customers’ satisfaction levels while availing the bank’s products and services.
As a testimony to its continued success, the retail division won three prestigious awards from the Banker Middle East Product Awards 2014 organised by CPI Financials in UAE ‘Best Customer Service – Retail Banking’, ‘Best Cash Management’, and ‘Best Corporate Card’ in the sultanate.
SOURCE: Muscat Daily