Ahlibank posts strong Q1 performance
Published: 07:05 PM,May 16,2021 | EDITED : 05:05 PM,May 16,2021
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MUSCAT, MAY 16 - Ahlibank’s total assets recorded a 12.1 per cent growth, reaching RO 2,821.3 million as of end March 2021. Customer deposits increased by 13.2 per cent, reaching RO 1,947.8 million, compared with the same period in 2020. Loans, advances and financing grew by 7.0 per cent, reaching RO 2,274.2 million.
The Bank’s operating income rose by 4.0 per cent, achieving RO 19.62 million as of the end of March 2021; while its operating expenses decreased by 1.6 per cent. Profits during the period; however, fell by 9.4 per cent, mainly on account of higher impairment on financial assets in Q1 2021 compared with the same period in 2020 which increased by 67.4 per cent due to the current economic conditions.
Said Abdullah al Hatmi (pictured), CEO, ahlibank remarks, “ahlibank is proud of its successes and achievements of the last three months, as it has been slowly but steadily fortifying its position in the Oman banking sector. We believe that our real success is reflected in our ability to continue to adhere to sustainable business practices, and balance growth with moral and social responsibilities, in addition to the continuous expansion of the Bank’s branch network.”
“The Bank's strategic approach to digitizing its systems and processes and leveraging our technological capabilities in order to adapt to the “new” way of doing business has also contributed to this success. We look forward to seeing this growth continue in its robust path,” he adds.
Over the last three months, ahlibank has expanded its portfolio of products and banking services, successfully launching the Imtiyaz account, which offers enhanced banking services and specially curated packages designed to suit contemporary lifestyles. The Wafra and Qitaf prize schemes were also launched and are expected to contribute further to the Bank’s growth. The Bank has also made significant progress in building its retail and corporate business lines through the funding of small and large-scale projects.
The Bank’s operating income rose by 4.0 per cent, achieving RO 19.62 million as of the end of March 2021; while its operating expenses decreased by 1.6 per cent. Profits during the period; however, fell by 9.4 per cent, mainly on account of higher impairment on financial assets in Q1 2021 compared with the same period in 2020 which increased by 67.4 per cent due to the current economic conditions.
Said Abdullah al Hatmi (pictured), CEO, ahlibank remarks, “ahlibank is proud of its successes and achievements of the last three months, as it has been slowly but steadily fortifying its position in the Oman banking sector. We believe that our real success is reflected in our ability to continue to adhere to sustainable business practices, and balance growth with moral and social responsibilities, in addition to the continuous expansion of the Bank’s branch network.”
“The Bank's strategic approach to digitizing its systems and processes and leveraging our technological capabilities in order to adapt to the “new” way of doing business has also contributed to this success. We look forward to seeing this growth continue in its robust path,” he adds.
Over the last three months, ahlibank has expanded its portfolio of products and banking services, successfully launching the Imtiyaz account, which offers enhanced banking services and specially curated packages designed to suit contemporary lifestyles. The Wafra and Qitaf prize schemes were also launched and are expected to contribute further to the Bank’s growth. The Bank has also made significant progress in building its retail and corporate business lines through the funding of small and large-scale projects.