Bank Sohar wins Best Banking Performance award

MUSCAT: Continuing in its journey towards banking excellence, Bank Sohar has been presented with the “Best Banking Performance” Award at the fourth edition of the Al Roya Economic Award 2015, marking the bank’s first award in the year 2015. The prestigious award ceremony was organised by Al Roya Press and Publishing at the Al Bustan Palace, a Ritz-Carlton Hotel, on March 11 under the auspices of Dr Fuad bin Jaafar al Sajwani, Minister of Agriculture and Fisheries, who handed over the award to Rashad Ali al Musafir, Acting CEO, Bank Sohar.

Also present at the event was Hatim bin Hamad al Taie, Publisher and CEO of Al Roya Press and Publishing.

Commenting on the significance of the award for Bank Sohar, Rashad al Musafir said, “We are proud to have won such a prestigious recognition which reflects the outstanding performance of the bank in 2014.

Receiving such recognition will no doubt continue to motivate us in order to excel in all facets of our operations and actively contribute to the overall financial performance of the banking sector in Oman. I would like to take this opportunity to thank our esteemed board members for their guidance, our loyal customers for their trust in us, as well as our management and staff for their continued dedication and hard work.”

Bank Sohar continues to reflect exceptional results, where the year 2014 saw the bank record a net profit of RO 29.878 million, translating to an increase of 11.19 per cent when compared to previous year’s net profit of RO 26.871 million.

The operating profit for the year 2014 was RO 38.988 million as compared to RO 31.735 million in 2013 resulting an increase of 22.85 per cent.

Bank Sohar was carefully chosen for this award following a rigorous selection process by the judging panel which included a number of renowned economists. The award ceremony witnessed more than 130 participants across five categories including ‘Best Governmental Project’, ‘Best Private Project’, ‘CSR award’, ‘Best Banking Performance’ and ‘Women Craft Projects’.

“We would like to thank the organisers of the Al Roya Economic Awards for highlighting the pioneering economic leaders in the country. This recognition motivates winning organisations to continue on their path of excellence. I would also like to thank them for bestowing us with such an honour,” added Rashad al Musafir.

This is the first recognition of Bank Sohar in 2015 and another valued addition to the various accolades the bank has received over the eight years of operations. In 2014 alone, Bank Sohar received 21 local, regional and international awards, with acknowledgements varying from financial excellence and growth to unique products and CSR awards.

This includes being named the ‘Best Financial Brand Oman 2014’ by renowned UK-based Global Brands Magazine as well as receiving ‘The Diamond Eye Award for Quality, Commitment and Excellence’ from the French-based Otherways Management and Consulting Association and ‘Business Excellence Award’ by Texas-based, World Confederation for Business (WORLDCOB), among others.


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