COMMERCIAL NEWS
Ahli Bank registers net profit growth of 7.7pc in 2019
Feb 4, 2020 4:46 PM
Oman-based Ahli Bank has posted a net profit of RO 31.01 million ( 80.3 million) an increase of 7.7 per cent compared to the RO 28.79 million ( 74.5 million) recorded in December 2018. Total operating...
Oman-based Ahli Bank has posted a net profit of RO 31.01 million ($80.3 million), an increase of 7.7 per cent compared to the RO 28.79 million ($74.5 million) recorded in December 2018.
Total operating income increased by 12.2 per cent to RO69.75 million ($180.6 million). The bank’s operating expenses increased to RO27.65 million ($71.6 million). Yet, the cost to income ratio remained at 39.6 per cent, one of the most competitive in the banking industry.
The bank’s total assets grew by 10.0 per cent as of December 2019 on a year-on-year basis to reach RO 2,518.5 million ($6.5 billion). Net Loans and advances and financing grew by 9.9 per cent reaching to RO2,055 million ($5.3 billion). Despite the increase in loans and advances and financing, the bank was able to maintain its non–performing loans at 1.74 per cent, the best amongst the peers, due to its prudent risk management approach. Customer deposits went up by 3.0 per cent to reach RO1,711.7 million ($4.4 billion).
Said Abdullah al Hatmi, CEO of Ahli Bank, said: “The bank completed 12 successful years since its conversion to a full-fledged commercial Bank and continued to move ahead with another steady performance across key financial indicators for the period ending December 2019.” He stressed on the bank's efforts to maintain steady growth and the proactive customer-oriented initiatives. “Our efforts to be a new age bank that is committed to leverage the latest technologies and provide unparalleled customer experience, proactively serve the nation’s socio-economic needs are also recognised at various forums,” he said. - TradeArabia News Service