Ahli Bank registers 7.7pc growth in 2019 net profit

Ahli Bank has announced its unaudited financial results for the year ended December 31, 2019. The bank’s net profit increased by 7.7 per cent to RO 31.01 million compared to RO 28.79 million in December 2018, thereby maintaining its pace of growth in profits.
Total operating income increased by 12.2 per cent to RO 69.75 million. The bank’s operating expenses increased to RO 27.65 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 RO 2,518.5 million. Net Loans & advances and financing grew by 9.9 per cent reaching to RO 2,055.0 million. Despite the increase in loans & 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 RO 1,711 million.
Said Abdullah al Hatmi (pictured), 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 on the bank’s efforts to maintain steady growth and the 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.
In alignment with the Central Bank of Oman’s vision for a robust national repository of the customers’ data and financial information, Ahli Bank signed a membership agreement with Oman Credit and Financial Information Centre (OCFC) that offers the latest information and insights into the credit behaviour of the borrowers. This partnership will enable the bank to make the right credit decisions, improve productivity and offer agile and efficient services to the customers.