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Bank Sohar sees 50% net profit rise

Oman's Bank Sohar has reported a 49.6% jump in net profit for the six-month period ended June 30, 2012, compared with the same period in 2011, Muscat Daily has reported. The bank made a net profit of OR10.36m in the first six months of this year, against OR6.93m a year ago. Net loans and advances of the bank increased 12.1% to OR1.1bn from OR982m a year earlier, while total assets surged 39% to OR1.71bn. Suresh Kumar, head of research at Al Maha Financial Services, said that year-on-year growth in net profit was supported by loan book growth. "The results are impressive and in line with our estimates," Kumar added.