ahlibank records 15% net profit growth

Muscat: ahlibank has announced its financial results for the year ended December 31, 2021.

Building on its resilience, courage and operational excellence, the bank recorded an overall growth in its main financial indicators, in which its total assets increased by 13.0%, reaching OMR 3.05 billion, compared to 2, OMR 70 billion in 2020. Deposits increased by 13.3% to OMR 2.18 billion from OMR 1.92 billion the previous year. Similarly, net loans, advances and financing increased by 8.3% to OMR 2.40 billion.

Additionally, the bank’s operating income increased by 15.2% to OMR 82.4 million in 2021 and net profit for the period increased by 15% to OMR 27.6 million. These achievements and continued growth illustrate the bank’s ongoing deployment of innovative products, services and offerings focused on improving customer satisfaction. Ahlibank’s strategic roadmap includes a strong digital transformation strategy and expansion plan that involves strengthening its on-the-ground presence and global infrastructure. The bank is powered by its rich human capital with high qualifications and vast experience in the sector. This has enabled it to further enhance its customer excellence and optimize emerging opportunities to increase its contribution to supporting the future progress of the national economy.

Said Abdullah Al Hatmi, CEO of ahlibank, comments: “We experienced commendable growth in 2021 despite economic challenges and an unforeseen 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, in addition to improving and strengthening our existing portfolio and strengthening our operational processes, systems and digital infrastructure. .

“Our commitment to providing efficient and professional customer service has earned us legitimate industry recognition and accolades, resulting in ahlibank receiving prestigious awards such as the ‘Excellence in Private Banking’ award and the “Excellence in Islamic Retail Banking” award. The Bank also received the JP Morgan Chase “2021 Elite Quality Recognition” award for maintaining an outstanding rate of 99.9% without modification for the bank’s US dollar remittances”, Al Hatmi added.
In its drive to provide more customer service access points and expand its reach to the wider banking community, the bank opened six new branches during the year, including three for ahlibank and three for Ahli Islamic, spread across different governorates of Oman.

ahlibank’s CSR commitment has also led to its deepening involvement in community and national projects and initiatives. Of particular significance is his participation in the national COVID-19 vaccination campaign and relief program to support people and communities affected by Cyclone “Shaheen”.

The bank is keen to support the goals of Oman Vision 2040 by implementing the nationalization strategy and has achieved 94.34% Omanization across its various divisions, effectively contributing to joint government efforts to empower the workforce national. To enhance the skills of individuals and prepare them to meet the demands of the working environment, ahlibank provides learning and skills enhancement opportunities to existing employees through its development programs. The bank also welcomed the 7th promotion of its flagship “Himam” program as well as the 5th promotion of its leadership and Business Graduate training program aimed at building a solid pool of future leaders in the banking sector.

ahlibank continues to implement its medium and long-term outlook and plan, focusing on its key objective to maintain its steady growth, which is further supported by its ambitious plan to expand its headquarters and to promote it as a smart and innovative hub. With its outstanding achievements and proven track record of consistent growth, the bank is poised to become Oman’s leading banking institution.