Muscat: ahlibank’s first half results reflect a strong performance driven by its growth strategy. The results emphasize the Bank’s long-term competitive success and sustained operational excellence, with a portfolio of innovative products and services.
With its ongoing comprehensive digital transformation, ahlibank has established itself as one of the fastest growing banks in the country, garnering several awards in recognition of its robust performance.
Key performance indicators for the six-month period ended on June 30, 2023, reveal the Bank’s impressive results. ahlibank’s total assets recorded a 4.5% growth, reaching RO 3.2 billion. Customer deposits increased by 9.0 %, reaching RO 2.4 billion, while net loans and financing grew by 6.8%, reaching RO 2.7 billion compared to the same period in 2022. The Bank’s operating income rose by 9.7%, reaching RO 49 million as of the end of June 2023, while operating expenses increased by 1.3%. Net Profit for H1 2023 at RO 19.9 million increased by 26%, primarily due to higher net interest income and fee income.
Commenting on the bank’s first half results, Said Abdullah Al Hatmi, CEO of ahlibank, stated, “The key financial indicators demonstrate our commitment to maintain the trust and confidence placed in us by our stakeholders. Our focus has always been in maximizing shareholder value and ensuring customer satisfaction through efficient delivery of results and good corporate governance. This approach has enabled us to drive business successfully and establish new benchmarks for innovation in customer service and stakeholder engagement.”
Al Hatmi added, “Our commitment to strategic innovation doesn’t merely involve the pursuit of novelty but is deeply rooted in our unwavering dedication to a customer-centric ethos. We recognize that the heart of our success lies in understanding and anticipating the evolving needs of our valued clients. This customer-focused approach permeates every aspect of our operations, as we strive to deliver tailored solutions that address their unique requirements.”
In its continuing endeavors towards social responsibility, the Bank launched a special initiative during the first half of 2023 with the aim of supporting underprivileged families during the holy month of Ramadan, under “ahlicares” umbrella. Concurrently, it introduced the ahlibank Souq, a unique initiative that provided a platform for 40 SMEs from different sectors to showcase their products and services.
Notably, the Bank’s ‘Tamkeen’ crowdfunding initiative received positive feedback from borrowers and investors, resulting in closing deals worth OMR 2 million within nine months. The initiative aims to support SMEs and highlight their role in job creation, economic diversification, and enhancement.
In recent events, ahlibank was honored with a trifecta of prestigious awards at the Oman Banking and Finance Awards during the New Age Banking Summit 2023: ‘CEO of the Year,’ ‘Excellence in Corporate Banking,’ and ‘Excellence in Digital Transformation.’ Additionally, ahlibank’s CEO received a prestigious recognition at CEO Today Middle East Awards and the ‘Best Private Bank in Oman’ was awarded to ahlibank at the MENA Banking Excellence Awards 2023.
The positive performance of Oman’s economy during the first half promises to lead on to substantial growth all through the course of this year, which is reflected in the positive comments by Fitch Ratings in its recent report on Oman in April 2023 when it revised the outlook to positive while affirming the ‘BB’ rating. Moody’s credit rating report has also raised Oman’s financial status from ‘Ba3’ to ‘Ba2’ in May 2023, while listing the outlook as positive. It has attributed this to increase in public revenues and the tangible efforts made by the government to control the financial environment in the Sultanate.
