Muscat: Bank Sohar announced its financial results for the second quarter ending June 30, 2014, with net profits soaring 35.13 per cent to OMR16.153 million in second quarter 2014, compared to 11.954 million in second quarter 2013.
The bank's Net Interest Income witnessed an improvement of 13.1 per cent, increasing from OMR21.035 million for the period ending June 30, 2013 to OMR23.790 million for the period that ended June 30, 2014.
Further, the bank's operating income increased by 26.88 per cent to OMR35.267 million in second quarter 2014, compared to OMR27.796 million in second quarter 2013. Also, operating expenses rose 13.82 per cent to OMR14.982 million, in comparison to OMR13.163 million in the same period last year.
Despite the increase in expenses, the Cost to Income Ratio has fallen from 47.35 per cent in 2013 to 42.48 per cent this year. The Bank's total assets grew from OMR1.745 billion in 2013 to OMR1.900 billion in the same period this year, a growth of 8.89 per cent. Meanwhile, gross loans have increased by 16.18 per cent from OMR1.205 billion on June 30, 2013 to OMR1.400 billion as of June 30, 2014.
Loans and advances grew
Net Loans and advances grew by 16.47 per cent to OMR1.372 billion, in comparison to OMR1.178 billion in 2013. The Bank's deposits, which stood at OMR1.351 billion at the end of June 2014, saw a growth of 8.17 per cent over last year.
Additionally, the bank's market share of Private Sector Credit was 9.25 per cent, while the Private Sector Deposit share was 6.94 per cent as of the end of May 2014.
Also, total shareholder equity increased to OMR181.85 million, an increase of 17.59 per cent over the previous year.