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Ahlibank’s net profit rises 15% to RO27.6mn in 2021

19 Feb 2022 Ahlibank CEO Mr Al Hatmi By OUR CORRESPONDENT

Muscat – Ahlibank has announced its financial results for the year-ended December 31, 2021. At the back of the bank’s resilience, fortitude and operational excellence, it has reported overall growth in its key financial indicators, wherein its total assets grew by 13 per cent, reaching RO3.05bn, compared to RO2.70bn in 2020.

Customer deposits went up by 13.3 per cent to RO2.18bn, compared to RO1.92bn in the previous year. Likewise, net loans, advances and financing grew by 8.3 per cent, reaching RO2.4bn.

Moreover, Ahlibank’s operating income increased by 15.2 per cent, reaching RO82.4mn in 2021 and the bank’s net profit for the period increased by 15 per cent, reaching RO27.6mn.

In a press release, Said Abdullah al Hatmi, CEO of Ahlibank, said, “We have had commendable growth in 2021 despite economic challenges and an unpredicted change in the financial and banking landscape.”

“This is the result of the introduction of various bespoke products and services for the conventional and Islamic banking segments apart from the enhancement and strengthening of our existing portfolio and the boosting of our operational processes, systems and digital infrastructure.”

In its bid to offer more customer service access points and expand its reach to the wider banking community, Ahllibank has opened six new branches during the year 2021, three of which are for Ahlibank and three for Ahli Islamic, distributed in different governorates in Oman.

Ahlibank’s CSR commitment has also led to the deepening of its involvement in community and national projects and initiatives. Of particular significance is its participation in the National COVID-19 Vaccination Campaign and in the relief programme to support people and communities affected by Cyclone Shaheen.

The bank is keen to support Oman Vision 2040’s objectives through implementing the Nationalisation strategy, and has achieved a 94.34 per cent of Omanisation across its different divisions, effectively contributing to the joint efforts of the government in empowering the national workforce. In order to build competencies of individuals and prepare them to meet the requirements of the work environment, Ahlibank provides learning and skill enhancement opportunities for existing employees, through its development programmes.

Ahlibank continues implementing its medium and long-term prospects and plan, emphasising its key objective of maintaining its steady growth, which is further supported by its ambitious project of expanding its headquarters and promoting it as a smart and innovative hub.

With its outstanding achievements and a proven track record of consistent growth, the bank is on its way to become the leading banking institution in Oman.

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