Ahlibank posts net profit growth of 5.2 per cent in third quarter

Ahlibank, the fastest growing bank in the Sultanate, has announced its unaudited financial results for the third quarter ended 30 September, 2019. The Bank maintained its pace of growth in profits, achieving a net profit of 5.2 per cent to reach RO 22.79 million compared to RO 21.66 million for the same period in 2018.
The Bank’s operating income increased by 13.5 per cent to reach RO 51.63 million, compared to
RO 45.49 million for the same period last year, despite the increase in operating expenses, which amounted to RO 20.31 million, compared to the operating expenses recorded for the same period of 2018, amounting to RO 17.38 million.
Customer deposits increased by 3.5 per cent to reach RO 1,622.8 million, compared to the same period last year, and total shareholders’ equity increased to RO 383.1 million, compared to
RO 303.5 million at the end of September 2018. Total loans and financing increased by 10.2 per cent to RO 2,060.9 million.
Said Abdullah al Hatmi – CEO, Ahlibank said, “The Bank has been able to continue its 11 years journey in the Sultanate, achieving sustained growth in key financial areas, with an 11.8 per cent increase in its total assets to a total value of RO 2,517.7 million.”
The CEO stressed on the Bank’s efforts to maintain steady growth and the proactive customer-oriented initiatives. The Bank will continue to expand its branch network for both Ahlibank and Ahli Islamic throughout the Sultanate, to cope with the changing requirements of the customers.
As part of its expansion strategy, the Bank added three branches this year to better serve its customers across the Sultanate. It also launched contactless debit and credit cards. The Qitaf Prize Scheme was launched by Ahli Islamic to enhance the Banking experience of Islamic Banking customers. The Bank will continue to expand its footprint, and offer services to create maximum value for its customers and stakeholders.