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Oman: Ahlibank Posts 19% Growth

Middle East : 29 March 2013

Source: Oman Daily Observer

MUSCAT — Ahlibank, one of the fastest growing bank in the Sultanate, held its Annual Ordinary General Meeting yesterday at Grand Hyatt Muscat, presided over by the Chairman of Board Hamdan Ali Nasser al Hinai. The shareholders approved the Board of Directors Report, the Corporate Governance Report, Auditor’s Report and audited Financial Statements of the bank for the financial year ended on December 31, 2012. The bank’s Earnings Per Share (EPS) for 2012 rose to Bazias 19.9 from Baizas 18.0 during 2011.

Ahlibank achieved a net profit of RO 21.74 million in 2012 as compared to RO 18.22 million in 2011, registering a remarkable growth of 19 per cent. In 2012, the successful completion of the rights issue also enabled the bank to achieve its twin objective of meeting the regulatory requirement of RO 100 million level of share capital as well as the allocation of RO 25 million for the bank’s Islamic Banking activities.

Chairman Hamdan Ali Nasser al Hinai announced the Board of Directors’ recommendation to distribute 5 per cent cash dividend & bonus shares to shareholders at a rate of 5 per cent of the capital (5 shares for every 100 shares) for the year 2013. He said, “Keeping in view the current market condition, it is prudent to conserve Bank’s internally generated resources wisely and strengthen its capital base”.

The Chairman also emphasized ahlibank’s commitment to the shareholders and the confidence it has in its ability to grow and enhance shareholders value. The shareholders duly agreed to the recommendation and approved the same. As one of the leading banks in the Sultanate, ahlibank is deeply committed to its Corporate Social Responsibility and to further help the community through donations to charitable organisation and to contribute to other social causes, the shareholders approved the Board’s proposal for donations of RO 100,000 for the year 2013.

“Our financial results for the last year have been very progressive and we at ahlibank are proud that our efforts have delivered sustainable growth. The bank has in all aspects remained strong and made steady profits year after year making a mark in the Omani Financial markets. We will, continue to demonstrate our support to the country and its people through our quality services, dedicated staff and our philosophy of ‘Truth & Transparency” in Banking’. Commented Abdul Aziz Al Balushi, CEO of ahlibank.

During 2012, ahlibank was recognized with a number of awards including the AIWA-GBCM Top 20 Companies award where the bank was ranked as the Number 1 Large Capital Company and during the annual OER-GBCM Best Banks award the bank was also ranked as the Number 1 Best Bank in The Sultanate.

Ahlibank’s success was also recognised internationally when the CEO was awarded the prestigious Forbes Second Best CEO award in the Arab World for 2012.

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