ahlibank ends third quarter with robust growth

Business Tuesday 08/November/2022 15:42 PM
By: Times News Service
ahlibank ends third quarter with robust growth

Muscat: ahlibank continues to leverage its portfolio of innovative products, services, and digitalisation initiatives to record unstinted growth in the third quarter of 2022. It has supplemented its first and second-quarter results with impressive results in the third quarter.

With Oman’s outlook getting upgraded to stable and economic recovery gaining momentum with higher oil prices, ahlibank witnessed commensurate growth in its profits during the third quarter. It was able to achieve 18.8 per cent growth in profit, amounting to OMR25.06 million, for the period ending September 2022, in comparison to the same period last year. Customer deposits increased by 9.2 per cent to reach OMR2,228.4 million; net loans, advances and financing grew by 7.3 per cent, reaching OMR2,538.1 million.

Besides, the bank's operating income and expenses also increased to 13.0 per cent (OMR67.93 million), and 20.1 per cent (reaching OMR29.49 million), respectively, for the nine months ending 30 September 2022.

Commenting on the Bank’s key performance indicators and the remarkable profit margin achieved during the year, Said Abdullah Al Hatmi, CEO, of ahlibank, said, “Our third-quarter results succinctly demonstrate our commitment to pursue the business targets set for the year. We are reaching newer heights, and the coming months will bolster our expansion process and help us end the year on a high note, with our total assets showing commensurate growth. Our performance has been consistent over the last three quarters, and our growing customer base is a clear indication of our long-term plan to further enhance our connection with the society from different parts of the country, and achieve financial inclusion.”

Quoting the Central Bank of Oman’s (CBO) recent Financial Stability Report, which noted that risks to financial stability have subsided in the country, he added: “It is heartening to note that our growth curve is consistent with Oman’s economic recovery in the wake of higher oil prices and the lifting of pandemic restrictions. We aim to leverage this current buoyant mood in the economy to augment our steady progress in the industry; we will sustain these developments with our unwavering focus on digitalisation, enhanced customer engagements, and our crucial partnership with the government in realising the objectives of Vision 2040. At the same time, we will continue to monitor the slowdown in various global economies and the volatility in terms of economic, geopolitical and ecological changes all impacting the global outlook.”

The third quarter of 2022 saw ahlibank’s successful conclusion of its issuance of 75 million Additional Tier 1 Capital Instruments. The bank also enhanced value-added benefits for its growing clientele with the opening of its first digital branch in Madinat Qaboos.