Ahli Bank releases Q3 results, records 85 percent profit
Released on: October 22, 2008, 2:46 am
Press Release Author: Nasira Atiq
Industry: Financial
Press Release Summary: Muscat 21 October: Ahli Bank Oman has released its 3rd quarter (2008) financial statement results, showing a growth of ... for the nine months ending September 30, 2008.
Press Release Body: The Bank announces its strong overall growth for the nine months period with a reported net profit up 85% to OMR 5.14 million when compared to the pervious period in 2007.
Commenting on the financial results, Mr. AbdulAziz Al Balushi, Chief Executive Officer at Ahli Bank, said, "Our third quarter results show a healthy and structure growht. Despite the turbulence we have recently seen on the international stage, our Bank has maintained a healthy year over year growth rate as reported during the half year ended June 2008"
The Bank's Total Assets at the end of the third quarter of 2008 stood at RO 432 million, reflecting 117% growth from 30 September 2007. Total loans and advances similarly grew by 87% to RO 348 million and Customers' Deposits by 169% to RO 107 million. The growth in deposits is a result of diversification and us being able to offer more liability products to meet customer requirements during this quarter. Operating Income for the nine month period ended September 2008 amounting to RO 10.55 Million grew by 83% as compared to the same period last year.
He further added, "Our conservative and prudent approach will continue while we watch the world finance market closely and take steps to better safeguard our business. Due to the impact of the world crisis, liquidity will continue to be an issue in the short term but with our prudent balance sheet management, adherence to Central Bank guidelines and comprehensive customer offerings, in the long run Ahli Bank would endeavor to convert these challenges into opportunities. "
Highlighting the key developments in the bank for the nine month period, Al Balushi says' 'We are actively investing to improve our customer value proposition. As a full fledged commercial bank transformed from a single product mortgage bank earlier this year, we are particularly investing in building a team of professionals, our corporate governance and introducing best practices. The IT structures and systems are advancing in order to assist us with product development, thus ensuring that we seek out new ways of creating value though innovation. Our focus this year-end will be on our people, who are the front-line face of our organization. By delivering excellent customer service and exceeding our customers' expectations, we can help optimize Ahli Bank's capacity for future long-term growth.'
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