ahlibank posts 6 per cent growth in net profit at OMR19 million

23/10/2014 06:00 AST

ahlibank on Wednesday said its net profit grew by 6 per cent to OMR19.1 million for the first nine months of 2014, from OMR18 million posted for the same period last year.

The bank's operating income has increased by 7 per cent to OMR37.9 million as compared to the same period last year, and operating expenses (excluding loan impairment net of recoveries) were controlled at OMR12.7 million.

The financial results reflect growth in the key areas in line with the bank's business plan and an increase in core earnings. The bank's customer deposits have grown by 11 per cent and are in line with the strategy to build a stable low cost deposit base.

Loans and financing, which grew by 25 per cent, have been achieved with a prudent risk management approach and in a diversified manner. Total assets by September-end stood at OMR1,593 million, showing an increase of 18 per cent as compared to the same period last year.

"The third quarter results for 2014 are reflective of ahlibank leveraging benefits on all fronts — from product innovations and enhancements, to network expansion and implementing innovative customer service concepts. The bank is committed to catering to the needs of individuals from all walks of life, and maintains its leading position in providing the most convenient facilities to customers in Oman.

"By delivering excellent customer service and working towards exceeding our customers' expectations, we will continue to work towards optimising ahlibank's capacity for future long-term growth," said Hamdan Ali Nasser Al Hinai, chairman of ahlibank.

ahlibank has recently been recognised as the 'best commercial bank' and 'most sustainable bank' in Oman by leading international finance magazine World Finance's Banking Awards 2014.

The award comes in appreciation of ahlibank's continuous commitment towards providing excellent services to its banking clientele, and its vision to implement international best practices to ensure the delivery of trusted commercial banking services.

It is, therefore, not surprising that ahlibank has evolved year after year in a well-calibrated and controlled manner making appropriate investments in its human, technical and product capitals. This approach has yielded excellent dividends.

The bank's business and financial model promotes the fostering and leveraging of established relationships, developing new ones with a sustainable revenue generation capacity while at the same time ensuring very high credit quality and service standards.

Times of Oman