Q1 2023: ahlibank posts 11.1% rise in net profits

Q1 2023: ahlibank posts 11.1% rise in net profits

Muscat - ahlibank marked the first quarter of 2023 on a high note, powered by an extensive network of branches and a selection of innovative products & services and showcasing its strategic growth in the country as one of the most favored banks.

ahlibank built upon its robust 2022 growth phase by reinforcing its operations with the inauguration of a new headquarters and signaling its intent to strengthen its 15-year presence in the market with equally impressive first quarter results for 2023.

According to financial indicators, ahlibank's customer deposits grew by 7.3%, reaching RO 2,339.7 million during the first quarter, compared to the same period in 2022. Loans, advances, and financing expanded by 5.6%, amounting to RO 2,571.7 million. The Bank's operating income increased by 4.6% (RO 23.3 million), and its operating expenses rose by 4.5% (RO 10.2 million). In line with its overall performance, profit during the period reached RO 8.4 million increasing by 11.1%, in the first quarter of 2023 compared to the same period in 2022.

Announcing the first quarter results, Said Abdullah Al Hatmi, CEO of ahlibank, stated, "2023 started on a very positive note for ahlibank, with its new head office symbolizing its strategic growth over the past