Total assets increased by 23% to OMR1,225m and loans and advances increased by 18% to OMR976m. Customer deposit rose by 18% to OMR843m in the first quarter of 2013
Muscat: ahlibank, one of the premiere banks in the Sultanate, said its net profit for the first quarter of 2013 edged up by 5 per cent to OMR6.21 million, from OMR5.9 million posted for the same period last year. The net interest income grew by 33 per cent from OMR7.1 million at March 2012 to OMR9.5 million by March 2013.
The bank's total assets stood at OMR1,225 million by March 2013, recording a growth of 23 per cent from OMR995 million posted for the same period last year. The loan book growth was prudent despite the liquidity in the market with net loans to customers improving by 18 per cent to reach OMR976 million at the end of current period from OMR828 million achieved at the end of the same period in 2012. Also, the customer deposits of the bank improved by 18 per cent to OMR843 million from OMR715 million during the period.
"As one of the Sultanate's leading banks, ahlibank is committed to catering to the needs of individuals from all walks of life. ahlibank today maintains its leading position in providing the most convenient facilities to customers in Oman. Moreover, the bank has made significant progress in building its retail and corporate business, diversifying its portfolio through catering to the demands of the corporate businesses in Oman while carefully differentiating the needs of the premium and private banking segments as well as the SME segment.
The bank has successfully launched new and innovative products that cater to the needs of all individuals and organisations and has been recognised for playing a vital role in both the economical and social needs of the country," said Hamdan Ali Nasser Al Hinai, chairman of ahlibank.
"ahlibank has had a positive first quarter despite the continuing competitive operating environment. The bank has successfully targeted opportunities for growth in lending, maintained the delivery of alternative sources of income and expanded its deposit base. The bank is well positioned and well funded to target new opportunities during the remainder of the year," added Abdul Aziz Al Balushi, chief executive of the bank.
Brand value
Since the launch of the bank five years ago, ahlibank has been able to increase its brand value significantly. In 2013, the bank aims to continue building its brand equity and expand its banking footprint to further expand its businesses locally and regionally.
ahlibank intends to continue to drive profitability across business segments. In the consumer banking area, the bank will focus on increasing cross-selling and enhancing its customer service proposition. In the wholesale banking segment, the bank aims to focus on developing comprehensive client solutions, leveraging the expertise across the group in treasury and markets, asset management and investment banking. Looking ahead towards the remainder of 2013, Al Balushi said: "We have been voted as the number one bank in the country for the second year in a row in the survey done by OER & GBCM. The accolades received by the bank showcase our prudent strategies and we will remain focused on the key areas of balance sheet management."
asset quality and risk management and will look to continue developing and growing the business in the coming quarters of the year."
© Times of Oman 2013
