Ahli Bank profit soars in first half of 2008

Operating Income for the half year ended June 2008 amounting to RO6.70 increased by 80% compared to the same period last year.

As of June 30, 2008, the total assets increased to RO382m representing a growth of 104% from June 30, 2007.

The Loan Book grew by 89% from RO167m in June 2007 to RO316m in June 2008.

Loans continue to be of very high quality and this is reflected in the reduction of specific provision requirements by more than 40% in the first six months of 2008.

Customer Deposits grew to 230% from RO76m in June-07 to RO251m in June-08.

H.E Sayyid Khalid Bin Hamad Al Busaidi Chairman of Ahli Bank remarked: "During the first six months of this year we have achieved a few milestones which will enable us to lay a solid foundation for building a strong franchise for our commercial banking activities in the years to come."

"We are very pleased with the progress made during the first six months of this year", said Mr. AbdulAziz Al Balushi, CEO of Ahli Bank. "The Omani banking industry is facing an on-going growth due to developments in various sectors and in the broader economy. In the face of the new developments, we are steadfast in our commitment to building a bank that provides value to our customers by uniquely responding to their banking needs within the framework of soundness, safety and controlled growth. The on-going support of our shareholders and clients is a key factor in our success."

"With strong developments in the Bank's IT division, growth in its network, seasoned employees and an array of banking products in the pipeline, we are well positioned to extend our growth this year with several planned initiatives to become the bank of choice in Oman."

As the bank implements its business plans, the business will focus further in areas of retail liabilities, expansion of the SME clientele base and innovative treasury products offerings to corporate customers.

Ahli Bank's network of branches are being expanded & refurbished to better service customers and by the end of this year, all the branches will be equipped with ATM machines for convenience. Plans in future include building more and alternate channels to reach out to customers across the Sultanate of Oman.