ahlibank’s total assets up by 11.8% in Q2; net profit for Q1 2019 up by 5.1%

businesliveme post image

In its financial statements for the second quarter (ending June. 30, 2019) ahlibank has recorded a noteworthy growth surge of 11.8% in its total assets amounting to OMR2,382.8mn.

According to the statements, the bank’s performance in the first quarter showed an increase of 5.1% in net profit to OMR14.92mn as compared to OMR 14.20mn for the same period in 2018. While customer deposits increased by 6.9% to reach OMR 1,612.4 million, total equity increased to OMR873.2mn and net loans, advances and financing posted a growth of 10.1% reaching OMR1,987mn.

The statements also account for the total operating income which has increased by 14.0% (OMR34.24mn) vis-à-vis OMR30.03mn in June last year. The bank’s operating expenses showed an increase to OMR13.47mn. In June 2018, the operating expenses were at OMR11.60mn.

The statement figures also revealed that the cost to income ratio was at 39.4%, which is one of the lowest amongst financial institutions in the Sultanate.

Hamdan Ali Nasser Al Hinai, Chairman – ahlibank, expressed their pleasure with the results and the overall performance of the bank in the second quarter and added that they look forward to a continued performance in the second half of 2019.

READ: ahlibank unveils new brand identity of its Islamic Banking

Earlier in June, the bank completed raising Basel III Compliant Perpetual Subordinated Bonds (Additional Tier 1 Capital Instruments) of OMR20mn, resulting in increasing the Bank’s Capital Adequacy Ratio to 17.83%. This increase in capital will support planned portfolio growth in 2019, said the statement.

To report this post you need to login first.