Muscat. Ahlibank, a leading bank in the Sultanate of Oman, has announced its unaudited financial results for the year ended December 31, 2023.
Ahlibank reported significant growth in key financial areas with a 7.8% increase in Net Loans, Advances & Financing reaching RO 2,694.2 million at the end of December 31, 2023, over the corresponding period in 2022.
Customers’ deposits also increased by 7.8% to reach RO 2,475.7 million, compared to the corresponding period of last year. Total Assets increased by 7.9%, reaching RO 3,318.3 million.
Operating Income increased by 7.5% to reach RO 98.54 million. Profit for the period grew by 10.2% to reach RO 36.45 million, demonstrating the Bank’s sustained growth strategy.
Said Abdullah al Hatmi, CEO of Ahlibank, commented on the results stating, "The year 2023 marked a milestone in Ahlibank's journey, reflecting our strategic foresight and commitment to innovation. We have transcended traditional banking boundaries by integrating cutting-edge digital solutions and pioneering financial products. Our focus on digitalization and customer-centric services not only aligns with global trends but also sets new benchmarks in the banking sector. As we move forward, our goal remains to redefine the banking experience, ensuring that we remain at the forefront of financial excellence and innovation in Oman."
A noteworthy milestone during 2023 is Ahlibank successfully raising CET-1 Capital through a rights issue of RO 50 million, which was oversubscribed by 1.44 times, showcasing the trust placed by shareholders in the Bank’s potential for further growth.
The Bank also raised AT1 capital of RO 54 million on 25 December 2023 after exercising the first call option on AT1 Capital of RO 54 million, issued in December 2018. The Bank also handled landmark Initial Public Offerings (IPOs) and bond issuance, in addition to its innovative Digital 1:1 financing option, which revolutionized accessibility to financial services for individuals.
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