MUSCAT: Ahlibank’s profit after tax increased by 11 percent to OMR14.6 million in the first half of 2015, as compared to OMR13.1 million during the same period last year.
The Sultanate’s fastest growing bank recently presented its unaudited financial statements for the half-year ending June 30, 2015, which are based on the condensed interim financial statements that were reviewed by external auditors.
The financial results for this period reflect growth in key areas in line with the bank’s business plan and an increase in core earnings.
The bank’s customer deposits have grown 22.9 per cent, which is consistent with its strategy to build a stable, low-cost deposit base. Loans, advances and financing growth of over 22.5 per cent has been achieved with a prudent risk management approach and in a diversified manner.
Total assets, as of June 30, stood at 1,847.7 million, which was an increase of 21.8 per cent compared to the same period last year.
ahlibank’s operating income has increased by 14.3 per cent to OMR28.9 million, as compared to the same period last year, and operating expenses, excluding loan and financing impairment net of recoveries, were controlled at OMR9.8 million, resulting in a cost-to-income ratio of 34 per cent.
“The bank’s half-year results are in line with the expectations of our shareholders and our growth is qualitative in all aspects,” said Lloyd Maddock, chief executive officer of ahlibank.
“The bank remains committed to catering to the needs of individuals from all walks of life, and will maintain its leading position in providing the most convenient facilities to customers. By delivering excellent customer service and working towards exceeding our customers’ expectations, we will continue to work towards optimising ahlibank’s capacity for future long-term growth.”
ahlibank has recently been recertified with its ISO 27001:2013 Certification, which is the highest globally accepted benchmark developed specifically for information security management systems (ISMS), requiring that an organisation adopts and implements a systematic approach to ensure its sensitive corporate information is kept safe and secure.
In line with its retail branch expansion plan, ahlibank opened its 20th branch in Mabela. Also, the bank’s Islamic window — Al Hilal Islamic Banking Services — relocated its CBD site to a newly designed branch conveniently located in Mawaleh in the Wilayat of Seeb. Further, ahlibank relocated its Al Ghubra branch to the Sultanate’s latest shopping destination — Oman Avenues Mall in Bausher.
Hamdan Ali Nasser Al Hinai, chairman of ahlibank said, “The bank will continue to build its brand equity and expand its banking footprint to further expand its businesses. The bank intends to continue to drive profitability across business segments. In the consumer banking area, in particular, the bank will focus on enhancing its customer service proposition. In the wholesale banking segment, the bank aims to focus on developing comprehensive client solutions and leveraging its banking expertise across networks.”
