Ahli Bank approves BoD's report for financial year 2019

Muscat: Ahli Bank held its Extraordinary General Meeting and Annual Ordinary General Meeting on June 3, via the electronic platform for general meetings on Muscat Clearing and Depository’s website (www.mcd.gov.om) and elected its new Board of Directors.
The EGM approved the amendments to the Articles of Association of Ahli Bank to be in line with Commercial Companies Law promulgated by Royal Decree No. 18 / 2019. The Annual Ordinary General Meeting (AGM) approved the Board of Director’s report for the financial year ended December 31, 2019, balance sheet and the profit and loss account for the financial year, cash dividend distribution to the shareholders of an amount of 10 baisas per share in addition to approval of bonus shares of 5 per cent of the share capital (5 shares per 100 shares) to the shareholders as on March 29, 2020, resulting in an increase of the share capital of the bank from 1,571,102,349 shares to 1,649,657,466 shares.
The meeting was presided over by Hamdan Ali Nasser Al Hinai, Chairman of the Board.
The AGM also highlighted the bank’s donation of OMR1 million to the Ministry of Health – COVID-19 account this year to contribute to the government’s efforts to combat the outbreak of the COVID-19.
Commenting on the meeting, Al Hinai said, “Ahli Bank has continued its strong performance with its net profit rising by 7.7 per cent to OMR31.01 million as on December 31, 2019, compared to OMR28.79 million in December 2018, maintaining its steady pace of growth in profits. While the total operating income increased by 12.2 per cent to OMR69.75 million, the bank’s operating expenses increased to OMR27.65 million. The steady increase is an indication that Ahli Bank has been able to sustain its growth momentum.”
“Additionally, 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 increased by 3 per cent to reach OMR1,711.7 million. Going forward, Ahli Bank will usher in more customer-oriented initiatives to expand the customer base,” he said.
Ahli Bank has continued to register impressive growth through customer-driven products and services. The bank will continue to leverage the latest technologies and provide an enriching experience for its clients across segments.