Driving excellence: ahlibank achieves significant growth in 2024
Muscat: ahlibank, 'Your Partner in Excellence,' has reaffirmed its leadership in the banking sector, achieving remarkable financial results for 2024. This year marked a pivotal chapter in the bank's journey, with notable advancements in innovation, customer-centric solutions, and sustainable growth.
As Oman's economy continues to show resilience amid global challenges, with growth projected for 2024-2025 driven by fiscal policies and reforms, ahlibank has strategically aligned its initiatives to support the Sultanate's economic stability. By leveraging diversified revenue streams and embracing innovation, the bank has contributed to Oman's robust fiscal outlook.
Celebrating 17 years of excellence, ahlibank has achieved steady performance across its key financial indicators for the year ended December 2024. The Bank's Net Loans, Advances & Financing witnessed a 12.2% growth, reaching to RO 3,022.3 million at end of 31st December 2024, over the corresponding period in 2023. Customers' deposits increased by 11.6% to reach RO 2,762.8 million, compared to the corresponding period of last year; Total Assets increased by 13.2%, reaching to RO 3,754.9 million. Operating Income increased by 9.9% to reach RO 108.31 million. Operating Expenses, increased by 7.6% to reach RO 46.40 million. Profit for the period grew by 14.3% to reach RO 41.66 million, demonstrating the Bank's sustained growth strategy.
Said Abdullah Al Hatmi, CEO of ahlibank, commented on the results stating, '2024 has been a defining year for ahlibank. Through strategic foresight and a strong commitment to innovation, we have not only sustained our growth trajectory but also set new industry benchmarks in financial excellence. Our focus remains on enhancing customer experiences, fostering innovation, and solidifying our position as a leader in Oman's banking sector.'
ahlibank strengthened its market position in the banking sector with significant milestones aligned to the Sultanate's economic goals. The bank played a key advisory role in fundraising RO 40.6 million for The Sustainable City, Yiti project, and supported the second phase of Khazaen Economic City, advancing Oman Vision 2040. Financial closure for the Industrial Waste Treatment Facility at Sohar Port was also achieved, reducing Oman's reliance on hazardous waste exports. During the year, the Bank successfully issued Additional Tier 1 (AT1) Bonds, raising RO 40 million to enhance capital adequacy.
The Bank expanded its retail and Islamic banking offerings, launching ahli islamic's Al Majd segment for upper-mass customers and the premium Al Shumookh center in Shatti Al Qurum for high-net-worth individuals. Furthermore, new ahli islamic branches in Al Suwaiq and Al Khoudh expanded access to Sharia-compliant banking products and services.
In 2024, digital transformation remained at the forefront of ahlibank's priorities. The bank enhanced its mobile banking app with advanced features for seamless financial management and introduced instant credit card issuance through advanced machines, significantly improving customer convenience. These initiatives underscore ahlibank's commitment to innovation and operational excellence.
Al Hatmi added, 'As we look to 2025, we are determined to lead the way in redefining banking excellence. By integrating cutting-edge financial technology, driving sustainable initiatives, and expanding our horizons, we aim to deliver innovative solutions that exceed expectations and contribute meaningfully to Oman's socio-economic development. Our vision encompasses not only the adoption of advanced digital tools but also the cultivation of partnerships that reinforce our position as a market leader. By staying attuned to evolving customer needs and industry trends, we are committed to delivering tailor-made financial solutions that empower our clients and foster inclusive growth. This holistic approach ensures that ahlibank remains a catalyst for progress within Oman and the wider region.'
ahlibank's dedication to excellence was recognized on multiple fronts in 2024, earning eight prestigious awards, including the Corporate Bank of the Year Award, Excellence in Corporate Banking & Innovative Solutions, Best Performing Company – Large Cap, Excellence in Digital Banking at OER Live DX Oman, and Best Conventional Bank in Oman by the Union of Arab Banks. These accolades affirm ahlibank's innovative solutions and unwavering focus on delivering exceptional value to customers and stakeholders.
As ahlibank looks forward to 2025, the Bank is poised to expand its digital solutions and introduce tailored offerings to meet diverse customer needs. Anchored in its position as a trusted 'Partner in Excellence,' ahlibank remains committed to fostering growth, innovation, and contributing to the realization of Oman's economic aspirations. With a firm belief in the power of innovation and sustainability, ahlibank is ready to redefine banking excellence in Oman and beyond.
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