(MENAFN - Muscat Daily) Bank Sohar was recently named the Best Financial Brand Oman 2014' by UK-based Global Brands Magazine. The award was presented after the renowned independent branding magazine analysed Bank Sohar's performance across 14 categories, encompassing every aspect of its business.
Commenting on the award, Dr Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar, said, ''We are delighted and appreciative of this global recognition that we have received recently. This award and the numerous other awards that Bank Sohar has received in the recent past are a testimony to the solid foundation that the bank has been built upon.''
''This is a reflection of where we stand as a financial institution and brand within the financial sector. In a relatively short seven years, we have managed to make significant strides, not only towards ensuring sound fundamentals, but also towards giving back to the economy we serve,'' added Kalmoor.
A press release said on Tuesday that the award was a reflection of Bank Sohar's performance in 2013, which was yet another exceptional year for the bank, building on the previous year's outstanding performance. Bank Sohar registered a year-on-year net profit growth of 16.77 per cent amounting to RO26.871mn.
The bank's operating profit for financial year 2013 saw a growth of 10.79 per cent, from RO28.644mn in the previous year to RO31.735mn. Furthermore, and despite the banking industry in Oman becoming increasingly competitive, Bank Sohar has managed to grow to become the fourth largest
And one of the most profitable banks in the country, added the release.
''We consider this global recognition a result of our efforts in achieving constant improvements in our business development and the quality of services we provide our customers, as well as a result of the strong momentum that we continue to drive within the work environment,'' added Kalmoor.
Headquartered in the UK, Global Brands Magazine is an independent branding magazine that was established with the aim of honouring excellence in performance and rewarding companies across different sectors.
More than 3,300 banks were evaluated in the last study conducted by the magazine, said the release, adding that Bank Sohar has a network of 25 branches and 50 ATMs across O