MUSCAT: ahlibank continues to leverage its portfolio of innovative products, services and digitalisation initiatives to record unstinted growth in the third quarter of 2022. It has supplemented its first and second quarter results with impressive results in the third quarter.
With Oman’s outlook getting upgraded to stable and economic recovery gaining momentum with higher oil prices, ahlibank witnessed commensurate growth in its profits during the third quarter. It was able to achieve 18.8% growth in profit, amounting to RO 25.06 million, for the period ending September 2022, in comparison to the same period last year. Customer deposits increased by 9.2% to reach RO 2,228.4 million; net loans, advances and financing grew by 7.3%, reaching RO 2,538.1 million.
Besides, the Bank's Operating income and expenses also increased to the tune of 13.0% (RO 67.93 million), and 20.1% (reaching RO 29.49 million), respectively, for the nine months period ending 30 September 2022.
Commenting on the Bank’s key performance indicators and the remarkable profit margin achieved during the course of the year, Said Abdullah al Hatmi, CEO, of ahlibank, said, “Our third-quarter results succinctly demonstrate our commitment to pursue the business targets set for the year. We are reaching newer heights, and the coming months will bolster our expansion process and help us end the year on a high note, with our Total Assets showing a commensurate growth. Our performance has been consistent over the last three quarters, and our growing customer base is a clear indication of our long-term plan to further enhance our connection with the society from different parts of the country, and achieve financial inclusion.”
Quoting the Central Bank of Oman’s (CBO) recent Financial Stability Report, which noted that risks to financial stability have subsided in the country, he added: “It is heartening to note that our growth curve is consistent with Oman’s economic recovery in the wake of higher oil prices and the lifting of pandemic restrictions. We aim to leverage this current buoyant mood in the economy to augment our steady progress in the industry; we will sustain these developments with our unwavering focus on digitalization, enhanced customer engagements, and our crucial partnership with the government in realizing the objectives of Vision 2040. At the same time we will continue to monitor the slowdown in various global economies and the volatility in terms of economic, geopolitical and ecological changes all impacting the global outlook”
The third quarter of 2022 saw ahlibank’s successful conclusion of its issuance of 75 million Additional Tier 1 Capital Instruments. The Bank also enhanced value-added benefits for its growing clientele with the opening of its first digital branch in Madinat Qaboos.
In tandem with its business performance is its haul of awards during the third quarter. ahlibank won the coveted ‘Best Bank in Oman’ Award at the recently concluded Arab Banks Awards and Commendations of Excellence 2022, organized by the Union of Arab Bankers (UAB). The prestigious award was in recognition of its exceptional performance during the course of this year, as well as its substantial contribution to the local and regional banking industry. As a follow up to this, ahlibank won two awards - Best Performing Company in Large Cap and ‘Talent Management Initiative of the Year’ Award for its sustainable human resource development program ‘Himam’– at Alam Al-Iktisaad Awards 2022.
ahlibank's performance perfectly encapsulates its all-round development strategy, which is winning it laurels on all counts. It will continue pursuing its vision of becoming the most vibrant and innovative centre of banking in the country with its team of experts who are committed to fulfill the banking needs of all customers.