28 October 2015
Muscat: Ahlibank recently announced its financial results that growth in key areas in line with the bank's business plan and an increase in core earnings. The bank's customer deposits have grown by 27.4 per cent in line with the strategy to build a stable low cost deposit base. Loans and advances and financing growth of over 12.9 per cent, has been achieved with a prudent risk management approach and in a diversified manner. Total assets on September 30, 2015 stood at RO 1,924.3 million showing an increase of 20.8 per cent as compared to the same period last year.
The operating income has increased by 13.5 per cent to RO 43.0 million as compared to the same period last year, and operating expenses (excluding Loan and financing impairment net of recoveries) were controlled at RO 15.2 million resulting in a cost to income ratio of 35.2 per cent. Overall, the profit after tax increased by 14.1 per cent to RO 21.8 million, as compared to RO 19.1 million during the same period last year.
Hamdan Ali Nasser al Hinai, Chairman, ahlibank, said, "The third quarter results for 2015 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 pursuing its objective of growth, not only in terms of market share but also in diversifying its products and services to our growing customer base. In line with the directive of the government to encourage SME business, ahlibank also remains focused on providing this segment the necessary support it requires."
Ahlibank plans to continue build its brand equity and further expand its businesses locally as well as regionally.
Muscat: Ahlibank recently announced its financial results that growth in key areas in line with the bank's business plan and an increase in core earnings. The bank's customer deposits have grown by 27.4 per cent in line with the strategy to build a stable low cost deposit base. Loans and advances and financing growth of over 12.9 per cent, has been achieved with a prudent risk management approach and in a diversified manner. Total assets on September 30, 2015 stood at RO 1,924.3 million showing an increase of 20.8 per cent as compared to the same period last year.
The operating income has increased by 13.5 per cent to RO 43.0 million as compared to the same period last year, and operating expenses (excluding Loan and financing impairment net of recoveries) were controlled at RO 15.2 million resulting in a cost to income ratio of 35.2 per cent. Overall, the profit after tax increased by 14.1 per cent to RO 21.8 million, as compared to RO 19.1 million during the same period last year.
Hamdan Ali Nasser al Hinai, Chairman, ahlibank, said, "The third quarter results for 2015 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 pursuing its objective of growth, not only in terms of market share but also in diversifying its products and services to our growing customer base. In line with the directive of the government to encourage SME business, ahlibank also remains focused on providing this segment the necessary support it requires."
Ahlibank plans to continue build its brand equity and further expand its businesses locally as well as regionally.
© Oman Daily Observer 2015
