ahlibank posts 11.8% growth in total assets in second quarter
August 7, 2019 | 5:53 PM
by Times News Service
Photo: Supplied

Muscat: ahlibank released its financial statements for the second quarter, ended 30 June 2019, showcasing an impressive 11.8% growth surge in ahlibank's total assets.

Based on the report, the first half’s performance shows a 5.1% increase in net profit to OMR 14.92 million as compared to OMR 14.20 million for the same period in 2018. Total assets grew to OMR 2,382.8 million and customer deposits increased by 6.9% to reach OMR 1,612.4 million. Total equity increased to OMR 375.2 million compared to OMR 295.3 million to further support their business growth plans. Net loans & advances and financing grew by 10.1% reaching OMR 1,987.5 million, in line with the bank’s strategic plan to grow prudently. The total operating income increased by 14.0% to OMR 34.24 million as compared to OMR 30.03 million in June 2018. While the bank’s operating expenses increased to OMR 13.47 million compared to OMR 11.60 million in June 2018, the cost to income ratio remained at 39.4%, one of the lowest amongst financial institutions in the Sultanate.

In June, the bank completed raising Basel III Compliant Perpetual Subordinated Bonds (Additional Tier 1 Capital Instruments) of OMR 20 million, resulting in increasing the bank’s Capital Adequacy Ratio to 17.83%. This increase in capital will support planned portfolio growth in 2019.

“We are pleased with the sustained results and overall performance of ahlibank in the second quarter as it further demonstrates our prudent strategy and the value proposition we provide to our customers and look forward to the continued performance in the second half of 2019,” commented Hamdan Ali Nasser Al Hinai, Chairman, ahlibank. “I would like to convey our gratitude to His Majesty Sultan Qaboos bin Said for his foresight and guidance in leading Oman on its path to growth and prosperity. I would also like to convey our appreciation to our regulators, the Central Bank of Oman, Capital Market Authority and guidance received from other official bodies for their continued guidance and support. My sincere appreciation also to all our employees for their commitment and dedication to the overall success of the bank, and above all, to our clients for their loyalty and trust in our efforts,” he added.

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