ahlibank Achieves Remarkable Growth in the Third Quarter of 2023

On its continuing journey of success, ahlibank, announced its outstanding performance for the third quarter of 2023. The bank has solidified its position in the Sultanate of Oman’s banking sector, maintaining its relentless commitment to innovation and its strong focus on delivering customer-centric banking services, whilst continuing to excel in its operational performance. Thanks to its broad portfolio of digital products and services, ahlibank has succeeded in being one of the fastest-growing banks in the country, actively contributing to the achievement of the goals set for Oman Vision 2040.

Key Performance Indicators for the third quarter ending September 30, 2023, reflecting impressive growth, with total assets surged by 4.7%, reaching RO 3,154.3 million; an increase in customer deposits by 6.4%, totaling RO 2,371.4 million; the net loans, advances, and financing expanded by 5.1%, amounting to RO 2,666.9 million, compared to the same period in 2022. The Bank’s operating income demonstrated robust growth 8.5%, reaching RO 73.67 million as at the end of September 2023, and the operating expenses increased by 2.1%. Net profit increased by 16.9% to reach RO 29.29 million, in comparison to RO 25.06 million for the first nine months of 2022.

Said Abdullah Al Hatmi, CEO of ahlibank, commented on the impressive results, stating, “As we approach the end of the year, our performance reflects our unwavering commitment to achieving the strategic goals we set at the beginning of this year. This has greatly contributed in cultivating our growing customer base. With our innovative and exceptional banking solutions, we have set new standards in the banking sector. These consecutive achievements are the result of our focus to play a pivotal role in reshaping the banking sector in the Sultanate. Therefore, we are dedicated to providing a portfolio of exceptionally outstanding banking services, while adhering to global standards, and meeting our customer’s evolving needs.”

A significant milestone during the third quarter was the successful oversubscription of the ahlibank Rights Issuance in September, increasing the bank’s paid-up capital from OMR 194.9 million to OMR 244.9 million. 

Al Hatmi further stated, “In addition to our financial achievements, the third quarter of 2023 witnessed a number of strategic initiatives and key partnerships that have strengthened our relationships and cooperation with stakeholders. In its essence, our operations are driven by our dedication to providing innovative banking solutions that meet our customer’s needs. These notable accomplishments motivate us to achieve more, as we consistently strive to remain at the forefront of the banking industry in the Sultanate of Oman.”

In line with its commitment to enhancing financial inclusion, ahlibank has continued to expand its network of branches throughout the Sultanate with a focus on providing banking services that are tailored to customer’s needs. ahlibank and ahli islamic have opened several branches, including three digital branches in response to the rapid digital transformation that the banking sector is experiencing. This is in addition to opening the first Islamic branch designed exclusively for Al-Shumookh private banking clients.

Being recognized for upholding the highest values of excellence, ahlibank won three prestigious awards at the Oman Banking and Finance Awards in June, held during the eighth edition of the New Age Banking Summit 2023. ahlibank’s CEO, Mr. Said Abdullah Al Hatmi, was recognized as the ‘CEO of the Year’ while the bank received ‘Excellence in Corporate Banking’ and ‘Excellence in Digital Transformation’ accolades. In July, ahli islamic was crowned the Best Islamic Bank in the Sultanate of Oman, at the Euromoney Islamic Finance Awards 2023. In September, ahlibank won the ’Leadership in Digital Banking Services ‘award at the Digital Transformation Conference. These awards are in recognition of the bank’s focus to provide a range of innovative digital banking products and services.

With these noteworthy achievements, ahlibank is well positioned for further successes in the future. Bolstered by its extensive portfolio of digital products and services, ahlibank prioritizes the requirements of both its customers and employees, embracing an innovative approach across all endeavors to achieve its digital transformation journey.