Ahli Bank has announced its unaudited financial results for the year ended December 31, 2019. The Bank’s net profit increased by 7.7% to RO 31.01 million compared to RO 28.79 million in December 2018, thereby maintaining its pace of growth in profits.
Total operating income increased by 12.2% to RO 69.75 million. The Bank’s operating expenses increased to RO 27.65 million. Yet, the cost to income ratio remained at 39.6%, one of the most competitive in the banking industry.
The Bank’s total assets grew by 10.0% as of December 2019 on a year-on-year basis to reach RO 2,518.5 million. Net Loans & advances and financing grew by 9.9% reaching to RO 2,055.0 million. Despite the increase in loans & advances and financing, the Bank was able to maintain its Non–Performing loans at 1.74%, the best amongst the peers, due to its prudent risk management approach. Customer deposits went up by 3.0% to reach RO 1,711.7 million.
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.
The Bank has won several prestigious awards. Ahli Bank was felicitated with the Alam al-Iktisaad Wal A’mal (AIWA) Excellence Award 2019 for SME solutions, for supporting the nation’s drive to encourage entrepreneurship culture and young business talent.
The Bank was also ranked as the “Best Bank in Oman,” for the 10th consecutive year at Oman Banking & Finance Awards 2019. The Bank also won the “Quality of Disclosure” award for the year 2019 awarded by Muscat Securities Market.
In alignment with the Central Bank of Oman’s vision for a robust national repository of the customers’ data and financial information, Ahli Bank signed a membership agreement with Oman Credit and Financial Information Centre (OCFC) that offers the latest information and insights into the credit behavior of the borrowers. This partnership will enable the Bank to make the right credit decisions, improve productivity and offer agile and efficient services to the customers.
During the year, Ahli Bank also expanded its network of branches to reach out to its customers. The Bank opened two conventional branches (Buraimi and Saada) and one Islamic Branch (Ghubra) during the year. The Bank relocated two conventional branches (Barka and Al Khoud) and one Islamic Branch (Mawaleh) to new state-of-the-art branches. Furthermore, new branches are in the pipeline aligned with the Bank’s vision for offering the best in banking services with unparalleled customer experience.
Adding another milestone, the bank rebranded its Islamic Banking window to “Ahli Islamic”, with a vision to become the leading Omani service provider abiding by the ethics and values of Islamic finance. The Bank launched its Shariah compliant Islamic prize money scheme ‘Qitaf’.
The Bank launched its contactless debit and credit cards complementing market demands and customers evolving lifestyle. As part of the continuous efforts to create more value for the customers, the Bank introduced a new dynamic loyalty program called ‘AhliRewards’ for the debit and credit cardholders which is designed to provide exclusive privileges by enhancing the lifestyle experience of our customers.
Ahli Bank is also committed to Corporate Social Responsibility (CSR) initiatives that leads to higher In Country Value (ICV) generation and complement the government’s efforts for socio-economic development across local communities. Ahli Bank supported the Sultan Qaboos University Economic Research Forum in alignment to actively contribute to the economic diversification and the new Vision 2040 of Oman. To promote young talent, encourage art and celebrate the 49th National Day, the Bank partnered with the 6th edition of the ‘Y Portrait by A Nation’ initiative.
Ahli Bank has extended support to “Fak Kurba” initiative promoted by Oman Lawyers Association. During the Holy Month of Ramadan, Ahli Bank distributed 24,000 water bottles in various Wilayats across the Sultanate, special Iftar with ‘Association of early intervention for children with disability and special needs,’ charitable donations to Oman autism society & Al Wafa social center. The Bank took part in the ‘Not Alone Young Minds’ Forum in association with Whispers of Serenity, a leading mental health and counselling organization in Oman.
“The Bank will continue expanding the branch network of Ahli Bank and Ahli Islamic across Oman while keeping pace with changing market demands to tailor innovative customer-centric services. The focus will be on leveraging new digital technologies to provide a bouquet of financial services to meet the lifestyle needs of our burgeoning customer base in a seamless manner,” the CEO said.
“Going forward, the Bank remains committed to its prudent growth strategy to maintain a winning streak of excellence and maximise value for all stakeholders. The Bank will continue its contribution to social initiatives by serving the community at large,” he added.