Ahli Bank registers net profit growth of 7.7% in 2019
Ahli Bank has announced its unaudited financial results for the year ended December 31, 2019. The bank’s net profit increased by 7.7 per cent to RO31.01mn compared to RO28.79mn in December 2018, thereby maintaining its pace of growth in profits.
Total operating income increased by 12.2 per cent to RO69.75mn. The bank’s operating expenses increased to RO27.65mn. Yet, the cost to income ratio remained at 39.6 per cent, one of the most competitive in the banking industry.
The bank’s total assets grew by 10.0 per cent as of December 2019 on a year-on-year basis to reach RO2,518.5mn. Net loans & advances and financing grew by 9.9 per cent reaching to RO2,055.0mn. Despite the increase in loans & advances and financing, the bank was able to maintain its Non–Performing loans at 1.74 per cent, the best amongst the peers, due to its prudent risk management approach. Customer deposits went up by 3.0 per cent to reach RO1,711.7mn.
Said Abdullah al Hatmi, CEO of Ahli Bank said, “The bank completed 12 successful years since its conversion to a fullfledged commercial bank and continued to move ahead with another steady performance across key financial indicators for the period ending December 2019.” He stressed on the bank’s efforts to maintain steady growth and the proactive customer-oriented initiatives.
“Our efforts to be a new age bank that is committed to leverage the latest technologies and provide unparalleled customer experience, proactively serve the nation’s socio-economic needs are also recognised at various forums,” he said.
The bank has won several prestigious awards. Ahli Bank was felicitated with the Alam alIktisaad Wal A’mal (AIWA) Excellence Award 2019 for SME solutions, for supporting the nation’s drive to encourage entrepreneurship culture and young business talent.
The bank was also ranked as the ‘Best Bank in Oman’, for the 10th consecutive year at Oman Banking & Finance Awards 2019. The bank also won the ‘Quality of Disclosure’ award for the year 2019 awarded by Muscat Securities Market.
In alignment with the Central Bank of Oman’s vision for a robust national repository of the customers’ data and financial information, Ahli Bank signed a membership agreement with Oman Credit and Financial Information Centre (OCFC) that offers the latest information and insights into the credit behaviour of the borrowers. This partnership will enable the bank to make the right credit decisions, improve productivity and offer agile and efficient services to the customers.
During the year, Ahli Bank also expanded its network of branches to reach out to its customers.