Sohar International sets benchmark in GCC Banking Sector with unprecedented growth

Sohar International sets benchmark in GCC Banking Sector with unprecedented growth

Muscat: Sohar International, the fastest-growing bank in the Sultanate of Oman, has showcased remarkable growth among top banks in the GCC as it firmly positions itself as a pioneering institution with a strong 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) and 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).

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

Record-breaking Growth in Total Assets: Sohar International led the charge with the highest year-on-year growth in total assets across the GCC, marking a staggering 61.9 percent increase. This remarkable achievement underscores the bank’s strong financial health, strategic asset management, and commitment to expanding operations and market reach.

Sohar International’s