“We are pleased with these strong first half results, which are as a result of the operational improvements that we have made across the business and the new businesses and products that we have introduced. This is a testimony that our five year transformation agenda is strongly on course. Our focus on efficiency has also brought the cost-income ratio down further. ”
“All business units have contributed to this robust performance, particularly Business Banking and National Amana which continue to show strong growth. We look forward to continuing this performance in the second half of the year,” he added.
Net interest income grew 15percent over the same period last year, driven by the growth in customer loans and advances. Customer deposits also registered significant growth driven by CASA and transactional banking solutions in line with the bank’s strategy.
“Our priority is to strategically position the business to focus on diversified customer revenue streams and optimize and automate personal and business banking processes with specific focus on turnaround time and deepening of client interactions. We aim to maintain our market share momentum through quality service and product innovation,” said Ahmed.
The five – year transformation program which began in 2013, entails a number of projects that broadly include organizational structure changes, innovation and development of products and customer value propositions.