(MENAFN- Muscat Daily) Muscat- Sohar International Bank reported a 15.9 per cent growth in net profit for the year ended December 31, 2018. The bank's net profit rose to RO29.36mn for 2018 compared to RO25.33mn reported in the previous year.
Sohar International's board of directors recommended a cash dividend of six per cent or 6bz per share for the year 2018.
The bank's net interest income during 2018 increased 18.7 per cent to RO56.65mn from RO47.721mn in 2017. Operating income for the year came at RO94.43mn, an increase of 23.6 per cent compared to RO76.41mn in 2017.
Net loans and advances grew 7.3 per cent to RO2.25bn as of December 31, 2018 compared to a year ago. Customer deposits rose 10.7 per cent to RO1.81bn in 2018 from RO1.64bn in 2017.
Sohar International's share of private sector credit increased to 10.3 per cent as of November 2018 from 10.1 per cent in December 2017, while its share of private sector deposit was at 7.98 per cent in November 2018 compared to 8.45 per cent in December 2017.
In a press release, Mohammed Mahfoudh al Ardhi, chairman of Sohar International, said, 'I am very pleased and honoured to announce that despite the challenges and changes we witnessed during 2018, we successfully implemented our planned transformation and concluded the year with remarkable financial achievements. Last fiscal year was pivotal in the history of Sohar International, as we embarked on a new journey with a fresh vision to enable new avenues to continue growing as a world-leading Omani service company whilst delivering a robust contribution to the national economy.'
Ahmed al Musalmi, CEO of Sohar International, said, 'We remain highly committed to moving forward with plans that will raise the bar on customer centricity and excellence in accordance with our ambitious five-year strategic agenda. The business continues to grow with laser sharp focus on our objectives aligned with Oman's socio-economic development plan. Our globalising culture precipitates that our workforce will be sharp, human, and unstoppable in everything that we do, guided by principles that truly convey more velocity, more vision, and more value to all stakeholders.'
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