ahlibank ends third quarter with robust growth

ahlibank ends third quarter with robust growth

Muscat: ahlibank continues to leverage its portfolio of innovative products, services, and digitalisation initiatives to record unstinted growth in the third quarter of 2022. It has supplemented its first and second-quarter results with impressive results in the third quarter.

With Oman’s outlook getting upgraded to stable and economic recovery gaining momentum with higher oil prices, ahlibank witnessed commensurate growth in its profits during the third quarter. It was able to achieve 18.8 per cent growth in profit, amounting to OMR25.06 million, for the period ending September 2022, in comparison to the same period last year. Customer deposits increased by 9.2 per cent to reach OMR2,228.4 million; net loans, advances and financing grew by 7.3 per cent, reaching OMR2,538.1 million.

Besides, the bank's operating income and expenses also increased to 13.0 per cent (OMR67.93 million), and 20.1 per cent (reaching OMR29.49 million), respectively, for the nine months ending 30 September 2022.

Commenting on the Bank’s key performance indicators and the remarkable profit margin achieved during the year, Said Abdullah Al Hatmi, CEO, of ahlibank, said, “Our third-quarter results succinctly demonstrate our commitment to pursue the business targets set for the year. We are reaching newer heights, and the coming months will bolster our expansion