Ahlibank’s net profit rises 5% to RO14.9mn in first half of 2019

Muscat - 

Ahlibank reported a 5.1 per cent growth in its net profit for the first half of 2019 at RO14.92mn compared to RO14.2mn reported in the same period of 2018. 

The bank’s total assets rose by 11.8 per cent to reach RO2.38bn as of the end of second quarter this year. Customer deposits increased by 6.9 per cent to RO1.61bn, according to a statement.

Ahlibank’s net loans and advances and financing grew 10.1 per cent to RO1.98bn, in line with the bank’s strategic plan to grow in a prudent manner. Total operating income increased 14 per cent to RO34.24mn compared to RO30.03mn in the same period a year ago.

“We are pleased with the sustained results and overall performance of Ahlibank in the second quarter. The results further demonstrate our prudent strategy and the value proposition we provide to our customers. We look forward to continued performance in the second half of 2019,” Hamdan Ali Nasser al Hinai, chairman of Ahlibank said.

In June, Ahlibank completed raising Basel III compliant perpetual subordinated bonds of RO20mn, resulting in increasing the bank’s capital adequacy ratio to 17.83 per cent.

This increase in capital will support planned portfolio growth in 2019, the bank said in its statement.

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