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Ahlibank’s Q1 profit drops 5% to RO7mn

27 Apr 2020

Ahlibank on Sunday reported a 5.4 per cent decline in its net profit for the first quarter of 2020. The bank’s net profit for the first three months ended March 31, 2020 dropped to RO7.01mn compared to RO7.41mn in the same period of 2019, according to initial unaudited results disclosed to the Muscat Securities Market.

Ahlibank bank reported a robust growth of over 10 per cent in its operating income at RO18.86mn in the first quarter of 2020 against RO17.12mn in the corresponding period of 2019. But the bank’s operating expenses surged more than 25 per cent to RO8.26mn this year compared to RO6.59mn in the same period of 2019.

Ahlibank’s loan-book grew by 8.22 per cent as the bank’s net loans, advances and financing increased to RO2.125bn as of March 31, 2020 from RO1.963bn a year ago. Customer deposits increased by 1.64 per cent to RO1.72bn as of March 31, 2020 compared to RO1.693bn a year ago.

Total assets of the bank grew 5.42 per cent to reach at RO2.515bn at the end of the first quarter of this year from RO2.386bn a year ago.

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