Ahlibank’s profit rises by 3.4% to reach OMR8.63mn in first quarter

ahlibank announced its results for the first quarter of 2024, reflecting its commitment to excellence in the banking sector in the Sultanate of Oman.

According to financial indicators, ahlibank’s customer deposits grew by 6.7 per cent reaching OMR2,496.3 million during the first quarter, compared to the same period in 2023. Net loans, advances and financing expanded by 9.0 per cent amounting to OMR2,802.1 million. The bank’s operating income increased by 4.4 per cent to reach OMR24.35 million, and its operating expenses rose by 8.6 per cent reaching OMR11.03 million. As showcased by its overall performance, profit during the period reached OMR8.63 million, increasing by 3.4 per cent in the first quarter of 2024, compared to the same period in 2023.

Reinforced by its strong performance in the previous year, the bank continues to achieve many notable achievements. The year 2024 marks ahlibank’s 16 year anniversary of having been established in Oman, an indication of its distinguished financial performance.

Commenting on the financial results, Said Abdullah Al Hatmi, Chief Executive Officer at ahlibank, said, “As we move forward on our promising journey into the year 2024, ahlibank’s performance during the first quarter reaffirms our strategic direction and resilience that characterise our operational processes. At ahlibank, we are committed to maintaining excellence in all aspects of our ethos, while implementing digital solutions, thereby empowering our customers through a seamlessly integrated diverse portfolio of digital products and services.”

The first quarter of the year witnessed several achievements. Most noteworthy was the financing of the second phase of the Khazaen Economic City (KEC), in which the Bank played an active role in providing its expertise in financing large-scale development projects, in line with the goals of Oman Vision 2040.

The first quarter also witnessed the launch of “Al Majd”, the new segment from ahli Islamic. Al Majd was tailor-made to meet the needs of ahli islamic’s upper mass customers. Moreover, ahli islamic launched the “Tamkeen Islamic” crowdfunding initiative with the aim of enhancing ease of access to financing solutions for small and medium enterprises (SMEs). ahlibank and ahli islamic also enhanced the Pearl Points rewards programme to provide an enriching experience that allows customers to easily earn points when conducting their daily banking transactions.

The inauguration of the new Al Shumookh Premium Banking

Center, held under the patronage of Azzan bin Qassim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism, underscored ahli islamic’s commitment to providing unparalleled banking experiences in line with Sharia-compliant principles. The new center is located in Shatti Al Qurum in Muscat. Additionally, ahli islamic opened a new branch in the Wilayat of Quriyat, further enhancing its presence to a wider customer base.

Al Hatmi collectively praised the diligent efforts made by the employees of ahlibank as innovators in the banking sector. He stated, “ahlibank plays a pivotal role in driving innovation in the banking sector in Oman. Through our customer-centric approach, we aim to meet their evolving needs and surpass their expectations, thereby raising the standards for delivering excellence and quality services.”

In terms of developing human cadres, ahlibank welcomed the ninth batch of participants in its “HIMAM” program, which aims to empower and develop the skills and capabilities of the youth, equipping them with the knowledge needed and the tools necessary for excellence in the banking sector. Additionally, the Bank welcomed the second batch of participants in the iGeneration programme, which seeks to develop the youth’s skills in the digital field.

Corporate Social Responsibility (CSR) is an integral part of ahlibank’s ethos. During the holy month of Ramadan, the Bank launched a number of initiatives aimed at enhancing the spirit of sharing and solidarity among the members of the community. In cooperation with the SMEs Development Authority ‘Riyada’, the bank launched the “ahlibank Ramadan Souq.” The initiative took place in the main building of ahlibank and it aimed to promote local entrepreneurs by providing them with a distinguished platform to display and sell their various products.

With the aim of enhancing the well-being of the community, ahlibank cooperated with various teams and charitable organizations authorised by the Ministry of Social Development (MoSD). ahlibank employees participated in distributing Iftar meals to students residing in university and college hostels, as well as distributing food boxes to families in need. These efforts consolidate the culture of volunteerism and community participation within ahlibank.

ahlibank reaffirms its commitment to providing an exceptional banking experience while ensuring to leave a positive impact on the community, and meeting the evolving needs of its customers. With its strong financial performance and innovative solutions,

ahlibank’s performance during the first quarter reaffirms our strategic direction and resilience that characterise our operational processes

Said Abdullah Al Hatmi Chief Executive Officer, ahlibank