ahlibank’s Rights Issue Oversubscribed by 1.44 times

Muscat: ahlibank, a leading financial institution committed to delivering excellence in banking and financial services, is pleased to announce the resounding success of its recent rights issue. The issuance of an additional 400 million ordinary shares at 126 bz per share, which included issue expenses of 1bz per share, was oversubscribed by 1.44 times. This reflects the strong confidence and support of the bank’s valued shareholders.

Subsequently, the issuance led to an increase in ahlibank’s paid-up capital from RO 194.9 million to RO 244.9 million, accompanied by enhancements in CET-1 ratio and capital adequacy. The additional share capital equips ahlibank with sufficient room to pursue its growth objectives with an increased net worth, therefore strengthening its market position.

Commenting on the rights issue, Said Abdullah Al Hatmi, CEO of ahlibank remarked, “This year has been filled with many significant developments for ahlibank and we are immensely gratified with the trust and confidence placed in us by our shareholders. We would like to thank them for their valued participation in the rights issue.”

“The successful rights issue provides the Bank with the necessary impetus to pursue its objectives and we look forward to executing the next phase of our growth plans,” Al Hatmi added.

As of 30 June, 2023, ahlibank’s total assets recorded a 4.5% growth, reaching RO 3.2 billion. Customer deposits increased by 9.0%, reaching RO 2.4 billion, while net loans and financing grew by 6.8%, reaching RO 2.7 billion compared to the same period in 2022. The Bank’s operating income rose by 9.7%, reaching RO 49 million as of the end of June 2023. Net Profit for H1 2023 at RO 19.9 million increased by 26.2%, primarily due to higher net interest income and fee income.

As one of the fastest-growing banks in the Sultanate, ahlibank has professionally embraced its responsibility in shaping financial inclusion and setting the benchmark for excellence in customer service through digitally enhanced products and services. ahlibank’s clients from various segments are key partners in the bank’s sustainable growth process, where the bank aims to provide a distinct and unique banking experience. The bank also continues to invest in its human capital by developing the skills and expertise of its employees, thereby furthering its endeavors to become a vibrant and innovative center for banking services.

As ahlibank recognizes the role of banks in the sustainable development of the economy, it has accordingly set its digital transformation journey in line with the Oman Vision 2040, which is pivotal to the progress charted by the government.