Ahli Bank registers net profit growth of 7.7% in 2019

Muscat: Ahli Bank has announced its unaudited financial results for the year ended 31 December 2019. The bank’s net profit increased by 7.7 per cent to OMR31.01 million compared to OMR28.79 million in December 2018, thereby maintaining its pace of growth in profits.

Total operating income increased by 12.2 per cent to OMR69.75 million. The bank’s operating expenses increased to OMR27.65 million. Yet, the cost to income ratio remained at 39.6 per cent, one of the most competitive in the banking industry.

The bank’s total assets grew by 10.0 per cent as of December 2019 on a year-on-year basis to reach OMR2,518.5 million. Net loans and advances and financing grew by 9.9 per cent reaching to OMR2,055.0 million. Despite the increase in loans and advances and financing, the bank was able to maintain its non-performing loans at 1.74 per cent, the best amongst the peers, due to its prudent risk management approach. Customer deposits went up by 3.0 per cent to reach OMR1,711.7 million.

Said Abdullah Al Hatmi, CEO of Ahli Bank said, “The bank completed 12 successful years since its conversion to a full-fledged commercial Bank and continued to move ahead with another steady performance across key financial indicators for the period ending December 2019.”
He stressed the bank's efforts to maintain steady growth and proactive customer-oriented initiatives.

“Our efforts to be a new age bank that is committed to leverage the latest technologies and provide unparalleled customer experience, proactively serve the nation’s socio-economic needs are also recognised at various forums,” he said.

“The bank will continue expanding the branch network of Ahli Bank and Ahli Islamic across Oman while keeping pace with changing market demands to tailor innovative customer-centric services. The focus will be on leveraging new digital technologies to provide a bouquet of financial services to meet the lifestyle needs of our burgeoning customer base in a seamless manner,” said Abdullah Al Hatmi, CEO of Ahli Bank, said.

“Going forward, the bank remains committed to its prudent growth strategy to maintain a winning streak of excellence and maximise value for all stakeholders. The bank will continue its contribution to social initiatives by serving the community at large,” he added.