Bank Sohar records significant net profit growth of 59% in 2012

The operating income has also increased by 21.14% from OR43.186m in 2011 to OR52.317m in 2012. Accordingly, the Cost to Income ratio has improved from 53.7% in the year 2011 to 45.2% in the year 2012.

Net loans and advances grew by 12.40% during this year to reach OR1,146m as at 31st December 2012, while customer deposits grew by 14.17% to reach OR1,337m in the same period.

Commenting on the performance, Dr. Mohamed Abdul Aziz Kalmoor, Chief Executive Officer of the Bank, said, "It is gratifying to witness that the strategy and business model pursued by the Bank is bearing fruit in such a dramatic manner. Bank Sohar continues its path of cost control and focus on growing the revenue levels. We also continuously search for new sources of revenue through the introduction of unique products and services in the local market. What is even more satisfying is that the robust performance is accompanied by maintenance of a strong and healthy asset quality on both the retail as well the corporate fronts. Furthermore, in pursuing all that, special care is taken to ensure that the social and economic interests are very much respected. In short, the vision of the promoters in establishing this institution continues to be respected and realized."

These preliminary results are subject to Board approval and Central Bank of Oman approval.