Saturday 27 / April / 2024
Muscat: Sohar International, the fastest-growing bank in the Sultanate of Oman, has showcased remarkable growth among top banks in the GCC as it firmly positions itself as a pioneering institution with a strong roadmap and a vision for progress.
This has come to light in a new KPMG report, titled: ‘GCC Listed Banks’ Results: Adaptation and Growth’. The report factored in countries comprising the GCC (i.e. Oman, Saudi Arabia, United Arab Emirates, Qatar, Bahrain, and Kuwait) and summarised the financial results and selected key performance indicators (KPIs) of the 52 leading GCC banks for the year-ended 31 December 2023. The data has been benchmarked against the prior year (year-ended 31 December 2022).
Demonstrating unparalleled growth and robust financial performance throughout the fiscal year 2023, Sohar International achieved top rankings in Total Assets and Return on Equity (ROE) among all GCC banks, solidifying its status at the forefront of excellence and innovation in the financial sector.
Record-breaking growth in total assets
Sohar International led the charge with the highest year-on-year growth in total assets across the GCC, marking a staggering 61.9 per cent increase. This remarkable achievement underscores the bank’s strong financial health, strategic asset management, and commitment to expanding operations and market reach.
Sohar International’s asset growth not only reflects its operational excellence but also its strategic foresight in navigating the dynamic and quickly evolving GCC financial landscape.
Excellence in shareholder value
In addition to its asset growth, Sohar International has also distinguished itself by securing the second position in the return on equity (ROE) category across the GCC. This notable accomplishment is a testament to the bank’s efficiency in utilising equity and generating significant profits from its assets. Sohar International’s commitment to maximising shareholder value while maintaining operational efficiency highlights its position as a leader in profitability and financial stewardship.
The bank also recently obtained a no-objection certificate from the Saudi Central Bank (SAMA), paving the way for the commencement of operations in the thriving Saudi Arabian market.
