30 July 2011
MUSCAT -- AhliBank, the No 1 best performing company for the year 2010, has announced its financial results for the first half of 2011. The bank recorded a net profit of RO 8.70 million, representing an increase 29 per cent compared to the same period last year, a clear indicator of bank's capacity to deliver a strong growth across all its activities.
Commenting on the bank's performance, Abdul Aziz al Balushi, (pictured) AhliBank's Chief Executive Officer, 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 period ended June 30, 2011 amounting to RO 16.78 million grew by 40 per cent as compared to the same period last year. Operating Expenses have increased by 19.5 per cent to RO 4.94 million and cost to income ratio decreased to 29 per cent from 34 per cent in June 2010.
The bank's total assets at the end of June 2011 reached RO 880 million representing a growth of 37 per cent from June 2010. Loans and advances grew by 37 per cent from RO 533 million in June 2010 to RO 730 million in June 2011. 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 RO 523 million in June 2010 to RO 679 million in June 2011, and this is in-line with the banks strategy to build a stable and diversified low cost deposit base.
The Bank's Chairman Hamdan Ali Nasser al Hinani while expressing his satisfaction on the financial results stated, "the bank continues to enhance shareholders value by delivering steady and robust financial results". He appreciated the efforts of the bank's management team and the employees for their dedication and thanked the bank's customers for their confidence in AhliBank. Al Hinai also thanked the Central Bank of Oman, the Capital Market Authority and other regulatory authorities for their strong support and guidance.
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 RO 880 million from RO 388 million as compared to the first half of 2008. Net profit increased from RO 3.51 million to RO 8.70 million in the first half of 2011 as compared to first half of 2008.
The customer deposits have grown to RO 679 million from RO 251 million, which is in line with bank's strategy to build a stable and diversified low cost deposit base.
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.
MUSCAT -- AhliBank, the No 1 best performing company for the year 2010, has announced its financial results for the first half of 2011. The bank recorded a net profit of RO 8.70 million, representing an increase 29 per cent compared to the same period last year, a clear indicator of bank's capacity to deliver a strong growth across all its activities.
Commenting on the bank's performance, Abdul Aziz al Balushi, (pictured) AhliBank's Chief Executive Officer, 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 period ended June 30, 2011 amounting to RO 16.78 million grew by 40 per cent as compared to the same period last year. Operating Expenses have increased by 19.5 per cent to RO 4.94 million and cost to income ratio decreased to 29 per cent from 34 per cent in June 2010.
The bank's total assets at the end of June 2011 reached RO 880 million representing a growth of 37 per cent from June 2010. Loans and advances grew by 37 per cent from RO 533 million in June 2010 to RO 730 million in June 2011. 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 RO 523 million in June 2010 to RO 679 million in June 2011, and this is in-line with the banks strategy to build a stable and diversified low cost deposit base.
The Bank's Chairman Hamdan Ali Nasser al Hinani while expressing his satisfaction on the financial results stated, "the bank continues to enhance shareholders value by delivering steady and robust financial results". He appreciated the efforts of the bank's management team and the employees for their dedication and thanked the bank's customers for their confidence in AhliBank. Al Hinai also thanked the Central Bank of Oman, the Capital Market Authority and other regulatory authorities for their strong support and guidance.
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 RO 880 million from RO 388 million as compared to the first half of 2008. Net profit increased from RO 3.51 million to RO 8.70 million in the first half of 2011 as compared to first half of 2008.
The customer deposits have grown to RO 679 million from RO 251 million, which is in line with bank's strategy to build a stable and diversified low cost deposit base.
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.
© Oman Daily Observer 2011
