Bank Sohar reports rise in profits

18 January 2015

Oman bank also sees lending up by 14 per cent

Oman’s Bank Sohar has reported net profits of RO29.88m ($77.6m) for the full-year 2014, marking an increase of more than 11 per cent on the previous year.

The bank also saw total assets rise by 10 per cent to reach RO2.07bn.

Lending was up by 14 per cent, with the bank’s net loans and advances rising to RO1.42bn.

Although overall profits rose, the bank’s Islamic banking arm did not fare so well, with the bank posting a 48 per cent decline in Islamic banking profits.

Last year, there were talks about a possible merger between Oman’s Bank Dhofar and Sohar Bank.

Negotiations are continuing and the merger could potentially create the second-largest bank in Oman in terms of asset value. Bank Muscat is currently the largest bank in the country.

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