Ahli Bank net profit for Q2 2009 higher by 42.5% compare to Q1 2009

The Net Operating income grew by 14% to OR7.76m in the first half of 2009 compared to OR6.78m for the same period in year 2008. Operating Expenses have increased by 30% to OR3.78m because of the continued investment in human resources, IT developments, branch and ATM network expansion. This has resulted in a net profit of OR3.42m, which is marginally lower compare to the same period of 2008. The net profit for second quarter of 2009 was 42.5 % higher than the first quarter of 2009.

As of June 30, 2009 the total assets increased to OR451m representing a growth of 18% from June 2008.Customer deposit grew by 27% to OR320m underlining the bank's strategy of building a stable deposit base. The Loans and advances registered a growth of 16% to OR366m because of the prudent risk management approach by the Bank.

Highlighting Ahli Bank's key achievements and developments in the first half of 2009, Mr. Hamdan Bin Ali Bin Nasser Al Hinai, First Deputy Chairman of Ahli Bank SAOG, said, " During the first six months of this year, despite a slow down in the economy due to the global financial crisis and the prudent risk based approach adopted, our bank has reported growth. We have during this period, opened four new branches and installed four new off-site ATM's at strategic locations to increase our service capability to our existing and new customers. The Bank also launched MyHassad Salary for life scheme, which offers a chance to win OR250,000 as a salary for life and MyLoan and MyHome summer loan schemes, offering its customers a guaranteed bonus of up to six month salary and free credit cards."

Abdul Aziz Al Balushi, CEO, Ahli Bank, said:

"We are gratified in the present market scenario to be able to report another profitable quarter. In the face of the new developments, we are steadfast in our commitment towards building a bank that provides value to customers by uniquely responding to their banking needs within the frame work of soundness, safety and controlled growth."

Ahli Bank continues to execute its strategy to grow its business in a prudent manner by offering attractive products and quality service to its customers. Going forward, the bank is confident of meeting its planned objective by broadening its customer base.

"With strong development in the Bank's IT division, growth in its network and array of banking products in the pipeline, we are well positioned to extend our growth this year with several initiatives and to become the preferred bank by choice in Oman," Mr. Balushi Further added.