Business | Banking
Ahli Bank posts 86% jump in net income
Ahli Bank, which started operations under a new name in December last year, has reported 86 per cent growth in its total net income for the first six months of this year.
- Staff Report
- Published: 00:09 August 3, 2008
Muscat: Ahli Bank, which started operations under a new name in December last year, has reported 86 per cent growth in its total net income for the first six months of this year.
The bank, which previously operated as Alliance Housing Bank, has reported net income of 3.51 million Omani riyals at the end of June 30, compared to 1.18 million riyals during the same period in 2007.
Ahli Bank's unaudited financial results show operating income for the half-year ended June 2008 at 6.70 million riyals, which has risen by 80 per cent over the same period last year.
During the said period, the bank's total assets increased to 382 million riyals representing a growth of 104 per cent from June 30, 2007. The loan book grew by 89 per cent from 167 million riyals in June 2007 to 316 million riyals in June 2008.
Loans continue to be of high quality and this is reflected in the reduction of specific provision requirements by more than 40 per cent in the first six months of 2008. Customer deposits grew 230 per cent to 251 million riyals in June 2008.
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