Business


ahlibank posts 6% growth in profit; names new CEO


The bank’s customer deposits have grown by 29 per cent in line with the strategy to build a stable low cost deposit base. — Supplied picture

Muscat: ahlibank yesterday said its net profit grew by six per cent to OMR23 million for 2013 from OMR21.7 million posted for the previous year.

ahlibank also said that it has received the regulatory approvals for the appointment of Lloyd Maddock as chief executive officer (CEO) of the bank.

"As the Sultanate's best bank, ahlibank is committed to catering to the needs of individuals and companies by offering an attractive range of products and services. The bank has made significant progress in building its retail and corporate business, diversifying its portfolio through catering to the demands of the corporate businesses in Sultanate while carefully differentiating the needs of the premium and private banking segments as well as the SME segment," said Hamdan Ali Nasser Al Hinai, Chairman of ahlibank.

"The bank has successfully launched new and innovative products to develop its franchise and support the economic development needs of the Sultanate."

Customer deposits
The bank's customer deposits have grown by 29 per cent in line with the strategy to build a stable low cost deposit base. Loan growth of over 19 per cent has been established with a prudent risk
management approach and a diversified sectorial basis. The loan book continues to be of a very high quality as reflected in our NPL ratio of 0.97 per cent in 2013.

Operating income has increased by 11 per cent to OMR46.6 million and operating expenses were controlled at OMR15.7 million, resulting in a lower cost to income ratio of 33.9 per cent.

ahlibank has been able to achieve sustained profitability while continuing to strengthen its balance sheet, added Al Hinai. "We are pleased to report that the bank's unwavering focus on its core businesses and service delivery has continued to strengthen its financial position and enhanced its capacity for further growth." The bank seeks to continually enhance shareholder value through pro-active and prudent capital management framework to optimise the use of capital by ensuring the most favourable and earnings per share supportive allocation of capital; while fully complying with all Central Bank of Oman regulations in this respect.

"Alongside our strong financial performance, the year 2013 has been notable for our continued drive to provide customers with a value added banking experience," added the chairman.  

Outlook
"ahlibank will continue to remain focused and grow in a prudent way. The bank's real target will be to increase its return on equity and shareholder value while incidentally improving its ratios without compromising on the quality of its book. Customers will be bank's top priority and it will strive to provide them with quality service," added the chairman.

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