Ahli Bank reg­is­ters net profit growth of 7.7% in 2019

Muscat Daily - - CORPORATE NEWS -

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.

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