At the first board meeting after ahlibank's 3rd Annual General meeting on 20th March 2011, Mr. Hamdan Ali Nasser Al Hinai was elected as the new Chairman of the bank.
Mr. Al Hinai is the Director of Contracts and Legal Affairs in the Ministry of Defense and previously he worked in a number of government jobs in addition to being a member of the board of director to a number of companies.
The appointment of Hamdan Ali Nasser AI Hinai is a testament to the Board's trust in both Al Hinai's abilities and his vast experience in Oman. Al Hinai's appointment adds a solid and fresh outlook to the Bank's future plans.
Mr. Hamdan Ali Nasser Al Hinai, the new Chairman of ahlibank said "lt's a privilege to have been elected as the chairman of ahlibank. ahlibank has enjoyed phenomenal growth under the very able leadership of Sayyid Khalid Hamad Hamood Al Busaidi, my predecessor, and this occasion I would like to extend my thanks and gratitude to my colleagues in the board for their trust to be the Chairman. In addition, I would like thank the management of the bank at all levels and who's effort and dedication have resulted in the outstanding result in the past year, more importantly, I would like to command the important role plaid by Omani young staffs at all levels which contributed to the impressive results. We at the bank continuing the Omanisation process, hoping cooperation of all concerned to achieve this goal. Finally I hope to continue the progress to ensure that the bank delivers on its commitment to the shareholders and clients and hope to strengthen ahIibank's presence within the Omani banking and finance industry."
Welcoming the new chairman Mr. Abdul Aziz Al Balushi, CEO, ahlibank said, "We are very pleased to welcome Mr. Hamdan Ali Nasser AI Hinai, as our new Chairman and wish him success in this new role. Although Sayyid Khalid Hamad Hamood Al Busaidi appreciating his major role as a chairman, he will continue to serve ahlibank as a Board member for the upcoming years.."
In 2010, ahlibank achieved a net profit of RO 14.1 Million against a net profit of RO 8.5 Million reported during the same period in 2009, which indicates an impressive growth of 65% during the year. During the last quarter, the bank also successfully completed a subordinated bond issue of R.O 35mn which was oversubscribed. The Capital Adequacy Ratio (CAR) as on 31st December 2010 was 19.66 %, well above the CBO requirement of 12%. Through its prudent risk management practices, ahlibank continues to maintain the quality of its loan book as reflected in the bank's NPL ratio of 0.31% as on 31st December 2010.
-Ends-
© Press Release 2011
