Ahli Bank announces first quarter 2009 financial results

The Bank's Net Operating Income for the three-month period ended March 2009 grew by 15% to OR3.42m as compared to OR2.97m for the same period last year.

Operating Expenses have increased by 44% to OR1.76m as a result of the continued investment in human resources, IT development and branch ATM network expansion.

This has resulted in a net profit of OR1.41m, which is marginally lower compare to the same period of 2008

Customer deposit grew by 80% to OR322m, underlining the Bank's strategy of building a stable deposit base. The loans & advances registered a growth of 36% to OR364m because of the prudent risk management approach adopted by the Bank.

Highlighting Ahli Bank's key achievements and developments in 2009, H.E Sayyid Khalid Hamad Al Busaidi, Chairman of AhliBank SOAG, said, "In 2009 our focus will continue to be on customer service. During the first quarter, the Bank opened two new branches at strategic locations in Al Ghubra and Ibra to increase its reach to the existing and new customers. Apart from reallocation and refurbishment of our existing branches, the Bank also successfully launched 'My Hassad Salary for Life Scheme'."

Commenting on the Bank's performance, Mr. Abdul Aziz Al Balushi, Chief Executive Officer of Ahli Bank, said:

"In a uncertain environment, Ahli Bank has delivered a strong set of financial results for the first quarter of the year. Risk management is embedded at the centre of our business strategy and it has enabled the Bank to position itself appropriately."

Ahli Bank has been consistent in maintaining a steady and solid growth in it's operations and financial performance. Going forward, the Bank remains on course to meet its planned objective by broadening its customer base.

Commenting on the future outlook Mr. Al Balushi further added, "Despite general market conditions we shall continue to focus on quality in terms of assets and services provided to customers, in order to achieve the results forecasted for 2009."