April 22, 2024

Sohar International Unrivaled Expansion Sets GCC Banking Arena Benchmark

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Sohar International, the fastest-growing bank in the Sultanate of Oman, has displayed remarkable growth among top banks in the GCC
Sohar International, the fastest-growing bank in the Sultanate of Oman, has showcased remarkable growth among top banks in the GCC-Image Credit-Sohar International

Sohar International, the fastest-growing bank in the Sultanate of Oman, has displayed remarkable growth among top banks in the GCC as it firmly positions itself as a pioneering institution with a robust 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). It summarized 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).

Industry sources added that displaying unparalleled growth and robust financial performance throughout the fiscal year 2023, Sohar International accomplished top rankings in Total Assets and Return on Equity (ROE) among all GCC banks, displaying its status at the forefront of excellence and innovation in the financial sector.

Sohar International powered the charge with the highest year-on-year growth in total assets across the GCC, marking a huge 61.9 percent increase. This remarkable achievement displays the bank’s robust 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.

Industry sources further added that additionally, to the asset growth, Sohar International has also distinguished itself by securing the second position in the return on equity (ROE) category across the GCC. This accomplishment is a testament to the bank’s efficiency in utilizing equity and generating significant profits from its assets. Sohar International’s commitment to maximizing 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.

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