Jul 30 2011 |
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Ahlibank net jumps 29 per cent on loan growth
30 July 2011MUSCAT: ahlibank , one of the fastest growing banks, said its net profit soared 29 per cent to RO8.7 million for the first half of 2011, over the same period last year.
Commenting on the bank's performance, Abdul Aziz Al Balushi, ahlibank 's chief executive, said: " ahlibank 's performance during the first half of 2011 highlights the strength of the bank and its ability to take advantage of improving economic conditions and to create value for all our shareholders while ensuring solid profit growth."
"Having successfully overcome significant challenges during the last three years, the bank is in a strong position to take advantage of further expected improvements in the business environment in Oman and fully capitalising on the same."
Net operating income for the six months stood at RO16.78 million, indicating a growth of 40 per cent over the same period last year. Operating expenses have increased by 19.5 per cent to RO4.94 million and cost to income ratio fell to 29 per cent from 34 per cent in June 2010.
The loan book continues to be of high quality as a result of the prudent risk management approach adopted by the bank, which is reflected in the NPL/gross loan ratio of 0.60 per cent. Customer deposits have grown by 30 per cent from RO523 million in June 2010 to RO679 million in June 2011, and this is in line with the bank's strategy to build a stable and diversified low cost deposit base.
Hamdan Ali Nasser Al Hinani, chairman of the bank, while expressing his satisfaction on the financial results said: "the bank continues to enhance shareholders value by delivering steady and robust financial results."
He appreciated the efforts of the management team and the employees for their dedication and thanked the bank's customers for their confidence in ahlibank .
ahlibank delivered a strong financial performance year over year, as the bank pursued controlled growth of its balance sheet focusing on liquidity and cost control whilst maintaining its asset quality. Total assets increased to RO880 million from RO388 million, compared to the first half of 2008.
Net profit increased from RO3.51 million to RO8.70 million in the first half of 2011 as compared to first half of 2008. The customer deposits have grown to RO679 million from RO 251 million, which is in line with bank's strategy to build a stable and diversified low cost deposit base.
ahlibank is founded on the sound principals of corporate governance which include the highest levels of ethical standards, professional integrity, regulatory compliance and best international practices to achieve its objectives with the involvement of all stakeholders
Future outlook
ahlibank has a clear strategy in place to further enhance shareholder returns and take advantage of the expected further improvements in local economic activity. This strategy is built around optimisation of the balance sheet; driving income growth and profitability through key account planning, cross-selling and customer service enhancement initiatives; enhancement of platforms; and measured investment in key growth areas. © Times of Oman 2011
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