Bank Sohar records significant net profit growth of 59% in 2012
- Oman: Monday, January 07 - 2013 at 16:57
- PRESS RELEASE
Bank Sohar released their preliminary results last evening for the year 2012, achieving an impressive Net Profit of OR23.011m in the year 2012 which represents a growth of 58.73% as compared to the profits of the year 2011.
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.
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