Ahlibank’s Net Up 27pc

Ahlibank SAOG, one of the fastest growing banks in the Sultanate, announced its un-audited results for the nine months period ended September 30, 2012.

The bank reported an impressive third quarter results, achieving a year-to-date net profit of RO 17 million and demonstrating continued growth in the bank’s core operations.

Ahlibank’s third quarter results show remarkable all round improvement. The bank’s net operating income for the nine months grew by 27 per cent to RO 32.21 million as compared to RO 25.41 million during the same period last year.

The total assets at the end of third quarter 2012 have crossed another milestone of RO 1 billion to reach RO 1,096 million representing a growth of 22 per cent as compared to RO 898 million during the same period last year. The loans and advances grew by 20 per cent from RO 745 million at September

2011 to RO 897 million in September 2012.

In line with the bank’s strategy of maintaining adequate liquidity, reducing concentration risk and building a low cost deposit base, the customers’ deposits grew by 7 per cent from RO 699 million in September 2011 to RO 745 million as at the end of September 2012.

Through its prudent risk management practices, Ahlibank continues to maintain the quality of its loan book as it is reflected in the NPL to gross loan ratio of 1 per cent as on 30th September 2012.

Commenting on the bank’s performance AbdulAziz al Balushi, CEO of Ahlibank said, “The third quarter results for 2012 is reflective of Ahlibank leveraging benefits on all fronts — from product innovations and enhancements, to network expansion and implementing innovative customer service concepts.

“We remain committed to providing first class banking services for our customers, depositors and business partners in the region, to minimise risks across all our business sectors, and to maximise value for our shareholders. We have a stringent and robust risk management framework to guide a prudent policy in line with the directives of the Central Bank of Oman,” the CEO further added

Hamdan Ali Nasser al Hinai, Chairman of Ahlibank, while commenting on the financial results of the bank for the third quarter of 2012, expressed his satisfaction with the steady progress made by the bank over the years. “As one of the Sultanate’s leading banks, Ahlibank is committed to catering to the needs of individuals from all walks of life, Ahlibank today, maintains its leading position in providing the most convenient facilities to customers in Oman.

“The bank has successfully launched new and innovative products that cater to the needs of all individuals and organisations and has been recognised for playing a vital role in both the economical and social needs of the country”, he added.

Omanobserver