ahlibank’s net profit of RO15.78mn for the six months period ended June 30, 2022, validates its focused approach to developing and implementing innovative products and services.
An impressive 18.6 per cent increase in net profit for the six months period ended 30th June 2022, compared to the same period last year, has bolstered ahlibank’s status as one of the fastest growing banks in the country.
The Bank not only sustained its successful first quarter financial performance with an impressive net profit of RO15.78mn for the six months period ended 30th June 2022, but it also recorded enhanced growth in total assets, customer deposits, as well as operating income.
All through the first half of 2022, ahlibank corroborated its strong growth trajectory with stable key performance indicators. It recorded 7.0 per cent growth in total assets –amounting to RO3,046.3mn – for the six months period ended 30th June 2022 compared to the same period last year.
Its operating income rose by 13.3 per cent to reach RO44.72mn. While its customer deposits increased by 12.4 per cent to reach RO2,212.2mn, its net loans, advances, and financing witnessed a 9.1 per cent growth, amounting to RO2,494.2mn for the six months period ended 30th June 2022, over the corresponding period in 2021.
While this positive growth trajectory is reflective of the changing local banking horizon, ahlibank added momentum to its mission of creating unrivalled customer experiences by developing and implementing innovative products and services.
It took advantage of the new optimism in Oman’s economy with renewed vigour, establishing its credentials as a customer-centric bank with technologies that are relevant and reliable for the current market. Today, its success in the local market can be gauged from its consistent operating performance and the expansion of its branch network across Oman; it is also reflected in its growing customer base.
It is pertinent to note here that the year 2022 also saw Oman’s banking industry receive a significant boost. At the end of May this year, the total outstanding credit extended by the banking sector – both conventional and Islamic banks – grew by 4.5 per cent to RO28.3bn, according to the Central Bank of Oman.
This, as stated by Fitch Ratings in its May report, is attributable mainly to the easing of pressure on the operating environment, which is expected to boost economic activity amid higher oil prices. And, in conformance with the substantial recovery of performance metrics in 2021, 2022 is expected to gain further grounds, more so with government support measures and higher interest rates.
According to Said Abdullah Al Hatmi, CEO of ahlibank, this augurs well for the local banking sector, which is set to grow considerably in the coming year. He told OER that the gradual recovery of economic activity, following the easing of pandemic-related risks, would help the private sector gain better leverage in the market.
“The recovery phase has already set in motion projects and initiatives that are, directly or indirectly, aimed at fulfilling Oman Vision 2040. Realising the objectives of this grand Vision is imperative, and the onus is on organisations like ours who have and will continue to lead the way forward in achieving the set targets. Having said that, we will continue to monitor the elevated inflation levels and a slowdown in various global economies, on account of global events,” he said.
He added: “We have our finger on the pulse of the banking industry and our eyes are trained on the needs of our customers as well as our community. We are aware and alert to the demands of the market and have structured our operational metrics to partner with the government in realising its national priorities.
“We have invested our resources to develop high-tech products and services, and have embraced the fintech era with a comprehensive digital roadmap. Our efforts have been well recognised by top authorities in the country with prestigious awards like ‘Excellence in Corporate Banking’ (From Oman Banking & Finance Awards 2022), ‘Top Omani Brand in Banking’ Award (from ‘Top Omani Brands’), and ‘Leadership in Youth Development Award’ from Alam Al-Iktisaad Sustainability Leadership Awards 2022.”
Since the beginning of this year, ahlibank has launched a suite of products to meet the changing needs and demands of customers from diverse sections. It unveiled several schemes and offers, including referral schemes, and personal and home loans at interest rates as low as 4.50 per cent.
The recent past also saw it introduce a first-of-its-kind ‘Tamkeen’ Crowd Funding initiative to support Small and Medium Enterprises (SMEs) and bolster the national economy. Its unwavering focus, however, has been on reinforcing its digital capabilities to stay on par with global banking trends.
Its commitment to developing sustainable business practices has and will continue to ensure that its growth strategy is in harmony with the environment, and is in tune with its dedicated community development initiatives that are aimed at aiding Oman’s Vision 2040 objectives.
As far as Omani youth are concerned, ahlibank has several ongoing initiatives in place to develop the workforce with skills and knowledge that are essential for the fast-changing employment sector. One such is Himam – graduate development programme – a prestigious two-year course that facilitates on-the-job training and skill refinement resources for enhanced career gains in the banking sector.
The training-intensive course, structured to meet the current and future needs of the banking industry, is designed to equip chosen candidates with hands-on experience in the sector, with practical inputs from professionals in the industry.
In its pursuit of excellence, ahlibank has, time and again, demonstrated its commitment to developing sustainable business practices that ensure its growth strategy is in harmony with the environment it operates in.
Whether it is community development or creating outstanding shareholder value, ahlibank has proven credentials as a vibrant and innovative centre of banking. Its impressive first-half performance is thanks, in no small measure, to its tactical market expansion and product diversification drive. It has optimized its resources and invested in technological innovations to augment its past successes and chart a collaborative roadmap for the future.
