Ahlibank (SAOG), a leading financial services provider in the Sultanate, announced unaudited results for the six months ended June 30, 2014. The bank achieved a net profit of RO 13.1 million in the first half of 2014 against a net profit of RO 12.5 million in the same period in 2013.
The financial results for the six months ended June 30, 2014 reflect a strong foundation of sustainable core earnings momentum, as the bank executes its strategy.
Ahlibank has been able to achieve sustained profitability while continuing to strengthen its balance sheet,” said Hamdan Ali Nasser al Hinai, Chairman of the ahlibank Bank. “We are pleased to report that the Bank’s unwavering focus on its core businesses and service delivery has continued to strengthen its financial position and enhanced its capacity for further growth.
We continue to augment our service channels for the benefit of our customers, while industry recognition of our core strengths in commercial banking, treasury and trade finance reaffirms their ongoing faith and support for the Bank.”
While operating income has increased by 4 per cent to RO 25.3 million as compared to the same period last year, operating expenses were controlled at RO 8.2 million resulting in a lower cost to income ratio of 32.3 per cent. Overall, the net profit after tax rose to RO 13.1 million as compared to RO 12.5 million in the same period last year.
Year-over-year, the Bank’s customer deposits have grown by 8 per cent in line with the strategy to build a stable low cost deposit base. Loan growth of over 20 per cent has been established with a prudent risk management approach and in a diversified manner. The loan book continues to be of a very high quality as reflected in our NPL ratio of 1 per cent as of 30th June 2014.
“Ahlibank’s results reflect the resilience of our business model, the strength of our commercial position and our stable financial profile. We will retain prime focus on our core business competencies, with continued vigilance in our approach to risk management whilst maintaining a strong capital base and a diversified liquidity position.” Commented Lloyd Maddock, CEO of Ahlibank
Ahlibank has already created a strong presence in the Sultanate and during the first half of the year 2014, the bank inaugurated 4 new “KIOSK” customer service centres located in prime commercial areas with extended opening times along with the introduction of Cash Deposit machines. The bank also introduced a state of the art mobile banking application to complement its already successful E Banking platform.
Through the introduction of alternative banking channels the bank aims to provide customers with a fully-fledged branch banking experience from the comfort of their home.© Copyright - Oman Daily Observer