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Ahlibank’s net profit rises 8% to RO31mn in year 2019

28 Jan 2020

Ahlibank’s net profit for the year ended December 31, 2019 rose 7.7 per cent to RO31.01mn as compared to RO28.79mn in the previous year, the bank said in its unaudited financial results announced to the Muscat Securities Market (MSM).

The bank’s board of directors in its meeting held last week approved the financial results for 2019, Ahlibank said in a filing to the Muscat Securities Market. 

The bank’s board of directors also proposed a cash dividend of 10 per cent (10bz for every share) and a stock dividend of 5 per cent (5 shares for every 100 shares).

The bank’s operating income for the year under consideration went up by 12.2 per cent to RO69.75mn as against RO62.15mn in the previous year.

During the year 2019, its operating expenses rose 18.9 per cent to RO27.65mn as against RO23.25mn in the previous year.

Ahlibank’s total assets rose 10 per cent to touch RO2.52bn at the end of 2019 from RO2.29bn a year ago. Similarly, in terms of loans, advances and financing, the bank reported a growth of nearly 10 per cent at RO2.05bn as of December 31, 2019 compared to RO1.87bn a year ago.

Following the trend, the bank’s customer deposits also went up 3 per cent to RO1.71bn as of the end of 2019 from RO1.66bn a year ago.

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