Ahlibank reports 18.6% growth in profit in first half of 2022

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Muscat - ahlibank has augmented its successful first quarter financial performance with an impressive net profit of OMR15.8 million in the half year, recording an increase of 18.6 per cent over the same period in 2021.

While the operating environment is gradually returning to pre-pandemic levels, Oman’s banking industry also reported positive growth. ahlibank also substantiated its strong growth trajectory with stable key performance indicators.

It recorded 7.0 per cent growth in total assets - amounting to OMR3,046.3 million as of 30 June 2022, compared to the same period last year. Its operating income rose by 13.3 per cent to reach OMR44.72 million, and operating expenses increased by 17.3 per cent to reach OMR19.32 million. While its customer deposits increased by 12.4 per cent to reach OMR2,212.2 million, its net loans, advances, and financing witnessed a 9.1 per cent growth, amounting to OMR2,494.2 million for the period ending June 2022, over the corresponding period in 2021.

Attributing the bank’s growth to its steady focus on top-quality assets and effectively managed liquidity, Said Abdullah Al Hatmi, CEO, ahlibank, said, “Our strength lies in our core competencies. We have, time and again, delivered what we promised and have maintained a consistent customer-centric approach to business. We are expecting to gain further traction following the mitigation of risks associated with the pandemic and the gradual recovery of local economic activity. In the coming days, our strategic perspective will help us strengthen our market position and validate our credentials to be the leading bank in the Sultanate.”

Adding further, he said, “While our financial performance for the first half of 2022 reflects our strong reliance on innovative products and services to stay on par with the global banking industry, our overall growth during the current year exemplifies our commitment to sustainable business practices.

We will leverage the gradual easing of pressure on the operating environment to accentuate our vision of becoming a vibrant and innovative centre of banking for customers and for the community in which we operate, while we will continue to monitor the elevated inflation levels and a slowdown in various global economies, on account of global events. We believe innovation is the key to progress and we will continue investing our resources to exceed our customers’ expectations with state-of-the-art products and services.”

2022 saw ahlibank launch a suite of products to meet the changing needs and demands of customers from diverse segments. It unveiled several schemes and offers, including referral schemes, and personal and home loans at interest rates as low as 4.50 per cent. ahlibank has also introduced a first-of-its-kind ‘Tamkeen’ Crowd Funding initiative to support Small and Medium Enterprises (SMEs) and bolster the national economy. Its unwavering focus, however, has been on reinforcing its digital capabilities to stay on par with global banking trends. Its commitment to developing sustainable business practices has and will continue to ensure that its growth strategy is in harmony with the environment, and is in tune with its dedicated community development initiatives that are aimed at aiding Oman’s Vision 2040 objectives.

ahlibank has made a name for itself with a number of initiatives related to education and training, including Himam Programme for new graduates and its continued participation in the government program, Etimad. The bank also marked the holy month of Ramadan with a number of community welfare initiatives. Ramadan supplies and Eid clothing were distributed to selected families, in collaboration with local charity organisations and with the involvement of the members of ‘ahli cares’ volunteering team. The team undertook a visit to the Oncology Ward of Royal Hospital.

“Whether it is developing our national workforce with skills and knowledge that are conducive to the current employment market, or fostering our client's growth and prosperity through capital-raising services, we are tuned to the needs of our shareholders, our human capital, and our valued customers,” Al Hatmi noted.