(MENAFN- Muscat Daily) Muscat- Ahlibank reported a net profit of RO12.4mn for the six months period ended June 30, 2017. This compared with a net profit of RO14.2mn in the same period of 2016.
Ahlibank's net loans, advances and financing grew by 4.5 per cent to RO1.62bn as of June 30, 2017 from RO1.55bn a year ago. The growth in loan book and financing was in line with the bank's strategic plan to grow in a prudent way, the bank said in a press release.
Its customer deposits rose 11.7 per cent to RO1.38bn as of the end of June 2017 compared to RO1.23bn a year ago. Operating expenses [including loan and financing impairment net of recoveries] were controlled at RO9.3mn for the first half of 2017.
Ahlibank's net profit for the second quarter of 2017 came at RO7.2mn as against RO5.2mn for first quarter of 2017, recording a quarter-on-quarter increase of 38.5 per cent.
Its operating income for the second quarter of this year at RO13.7mn was 13.2 per cent higher over the first quarter of 2017. Operating expenses were controlled at RO4.3mn compared to RO5mn in first quarter of 2017.
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.'
He said, '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. The bank will continue to adopt a prudential risk management approach and will do the best to service customer needs and meet shareholders expectations, while being committed to facilitating economic growth in the sultanate.'
Hinai said the bank will remain dedicated to its organic growth and development, not only in terms of market share but also in diversifying products and services for its growing customer base.
Ahlibank held a shareholder meeting in April to raise additional Tier 1 capital of RO50mn which was approved by shareholders. 'With a high quality portfolio of assets and ample liquidity the bank is well positioned for growth in 2017,' Hinai added.
Ahlibank's total assets stood at RO1.94bn as of June 30, 2017, reflecting an increase of 4.5 per cent from total assets a year ago.
Ahlibank has been recertified for the Payment Card Industry Standards (PCI-DSS) certification, which ensures a global comprehensive standard that secures card payments. PCI-DSS provides additional assurance to customers and stakeholders on the security and reliability of the bank's systems and processes including handling the customer information.
MENAFN2907201701410000ID1095669686
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.