Sunday 24 / November / 2024
Muscat: ahlibank has announced an oversubscription of its rights issue by 1.29 times. This marks the successful closure of the bank’s rights issue of ordinary shares of OMR30 million. ahlibank had proposed an additional 300 million shares at 101 baisas per offer share, including issue expenses of 1 baisa per share.
Said Abdullah Al Hatmi, CEO, ahlibank, said, “The purpose of the rights issue was to strengthen the Tier I capital of the bank and to meet the capital requirement for business growth. I am proud to share that despite a challenging local and global economic environment, there has been an overwhelming response from shareholders, and I would like to thank them for their continued trust and confidence in ahlibank. The issuance reaffirms the bank’s positive market position and strong investor confidence.”
Post issue, the bank's issued and paid-up share will increase to OMR194.9 million from the current OMR164.9 million. The rights issue subscription, managed by Ubhar Capital, opened from March 1 until March 15, 2021.
ahlibank is a full-fledged commercial bank, focusing its operations and providing services in retail banking, corporate banking, investment banking and Islamic banking in Oman. Since its conversion into a full-fledged commercial bank in 2008, it has continued to deepen its commitment to provide beneficial financial services that go beyond the conventional mode and espouse sustainable business practices going forward.
ahlibank’s total assets grew by 7.3 per cent in 2020, reaching OMR2.70 billion, compared to OMR2.52 billion in 2019. Customer deposits went up by 12.4 per cent to reach OMR1.92 billion compared to OMR1.71 billion. Loans and advances and financing grew by 8 per cent, reaching OMR2.22 billion.
The bank’s operating income increased by 2.6 per cent, reaching OMR71.50 million in 2020. Operating expenses increased by 9.1 per cent, while the profit for the period was lower by 22.6 per cent, largely due to the pandemic-related slowdown resulting in higher credit provisions.
ahlibank has been on a steady growth trajectory and the year-end financial performance is an indicator that it has been able to turn the crisis into an opportunity in terms of asset growth, customer deposits and other key financial indicators.
Over the years, the bank has proven its strong commitment to the enrichment of youth, paying significant attention to nurturing young Omani talent. It envisions digital excellence as the way forward, setting new benchmarks in the industry and delivering outstanding shareholder value.
