Ahlibank posts 38.5pc rise in Q2 profit

30/07/2017 06:13 AST

Ahlibank recently announced its financial results for the second quarter ending June 30, 2017. The results are based on the condensed interim financial statements, which have been reviewed by the bank's external auditors.

The bank's loans and advances and financing grew by 4.5 per cent, in line with bank's strategic plan to grow in a prudent way. While the bank's loans and advances and financing were RO 1,547.5 million in June 2016, these reached to RO 1,617.8 million in June 2017. The bank's customer deposits witnessed an increase of 11.7 per cent to RO 1,377.4 million as compared to RO 1,233.5 million at 30 June 2016. Total assets on 30 June 2017 stood at RO 1,939.7 million reflecting an increase of 4.5 per cent as compared to the same period last year.

The operating expenses (excluding loan and financing impairment net of recoveries) were controlled at RO 9.3 million for H1 2017 which is the same as that of H1 2016. Overall, the net profit after tax at RO 12.4 million was lower as compared to RO 14.2 million during the same period last year.

The operating income of the second quarter of 2017 at RO 13.7 million increased by 13.2 per cent over first quarter of 2017. Operating expenses were controlled at RO 4.3 million compared to RO 5.0 million in first quarter of 2017. The net profit after tax for the second quarter of 2017 was RO 7.2 million as against of RO 5.2 million for first quarter of 2017 recording an increase of 38.5 per cent quarter over quarter.

Commenting on the performance, Hamdan Ali Nasser al Hinai, Chairman of Ahlibank said, "We have reported a satisfactory financial performance for the second quarter. This achievement has been possible despite the fact that global economies including Oman continue to pass through a challenging phase."

"We believe that the combination of Ahlibank's focused strategy and diversified business model will continue to create long-term value for our shareholders, stakeholders and customers", Ahlibank chairman Hamdan al Hinai added.

Oman Daily Observer