Oman’s Ahli Bank (ABOB) reported a rise in first quarter (Q1) net profit, pushing the bank’s shares higher on Tuesday.
Q1 2019 net profit amounted to 7.41 million Omani rials ($19.22 million), a 5 percent year-on-year increase on the 7.05 million rials earned in Q1 2018.
“ABOB has posted Q1’19 performance that is in line with our estimates,” Ayisha Zia Hassan Naseer, research analyst at Ubhar Capital, told Zawya by email, adding that the bank's operating income and operating profit increases were also in line with expectations.
The bank recorded a 14.7 percent year-on-year increase in operating income to 17.12 million rials in Q1 2019, up from 14.93 million riyals in Q1 2018. Operating profit was at 10.53 million rials in Q1 2019, compared to 9.22 million rials in Q1 2018, translating into a 14.21 percent increase.
Ahli Bank’s shares were trading 0.8 percent higher by 12:53pm on Tuesday at 0.126 riyals, but have dropped 8.76 percent so far this year.
(Reporting by Gerard Aoun; Editing by Michael Fahy)
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