banking

ahlibank reports 10.1% growth in net profit

November 7, 2021

Muscat: Corroborating its current market standing and competitiveness, ahlibank has reported a 10.1 per cent growth in net profit in its preliminary unaudited financial results for the nine months ending 30 September 2021.

This growth demonstrates its financial and operational resilience and notable overall performance, despite the global economic recession.

The bank was able to achieve an impressive 18.2 per cent growth in total assets, amounting to OMR3,065.2 million. While its operating income increased by 11.9 per cent, reaching OMR60.14 million as of the end of September 2021; its operating expenses increased by 9.4 per cent. Customer deposits increased by 15 per cent, reaching OMR2,041.2 million, compared with the same period in 2020. Net loans, advances and financing grew by 9.5 per cent, reaching OMR2,365 million.

Said Abdullah Al Hatmi, CEO, ahlibank, remarked, “Being resilient, despite the ever-changing financial and economic landscape, has allowed us to strengthen our core banking services and products, while continuously serving our customers and clients by responding to their needs more swiftly and effectively. It has also been a key factor in facilitating the sustainability of our operational activities for further growth.”

'To maintain this exemplary performance - amidst the gradual economic recovery - we will continue to develop our competitive strength by enhancing and expanding our product and service portfolio; boosting our digital capabilities and infrastructure, with particular focus on upgrading our e-banking service; and widening our branch network, alongside the expansion of our headquarters.”

Adding further, he said, “As a testament to our commitment to the ‘customer-first’ approach we uphold, we recently won two awards at the prestigious OER Oman Banking & Finance Awards 2021: ‘Excellence in Private Banking’ for ahlibank and ‘Excellence in Islamic Retail Banking’ for ahli Islamic.”

Complementing its business operations and activities is the bank’s heightened commitment to corporate social responsibility, which demonstrates its support to the government’s economic development agenda. The bank has contributed to the national COVID-19 vaccination campaign, held under the auspices of the Ministry of Health, whereby it was able to provide vaccines to more than 3,000 people, including its staff and their families.

It has also supported the ‘Back to School’ venture, which aims to provide school supplies to children from low-income families. Further, the bank has sponsored the ‘Not Discovered Yet’ filming project, the first exploratory mission that aimed at highlighting Oman's environmental and tourism features for global audiences.

During the third quarter of this year, the bank launched the seventh edition of its ‘Graduate Development Programme’ to train, consequently employ, new graduates for national competency and prepare them for competitive career opportunities in the banking sector. This initiative demonstrates its support and commitment to the Vision Oman 2040 of empowering Omani youth.

“We are currently witnessing the results of positive market indicators, and I am confident this will drive the bank to continue upgrading its services to provide a unique banking experience in accordance with its ambitious vision for sustainable growth,” Al Hatmi concluded.

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