Oman’s ahlibank has seen its first-quarter net profit rise 11.1% to OMR8.4 million ($22 million) compared to the same period in 2022, signalling its intent to strengthen its 15-year presence in the market.

ahlibank built upon its robust 2022 growth phase by reinforcing its operations with the inauguration of a new headquarters and with equally impressive first quarter results for 2023.

Customer deposits grow

According to financial indicators, ahlibank's customer deposits grew by 7.3%, reaching OMR2,339.7 million during the first quarter, compared to the same period in 2022. Loans, advances, and financing expanded by 5.6%, amounting to OMR2,571.7 million. The bank's operating income increased by 4.6% (OMR23.3 million), and its operating expenses rose by 4.5% (OMR10.2 million).

Said Abdullah Al Hatmi, CEO of ahlibank, stated: "2023 started on a very positive note for ahlibank, with its new head office symbolising its strategic growth over the past decade and a half. This set the stage for successive milestones that bolstered our deposits and profits. The coming months promise to enhance this sustained growth with new products and services that will reaffirm our commitment to accelerating digitalisation, partnering with the government in its economic development plans, and empowering customers with exceptional banking experiences.”

Al Hatmi praised the bank's executive management and team members: "Our shared vision and values will ensure that we remain focused on customer service. We will now carve our niche as the most preferred bank for customers from all walks of life."

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