Muscat: Continuing to lead the Islamic finance sector in Oman, Bank Nizwa, reported OMR10.2 million in net profit representing a 36 per cent growth after tax for the period ended 31 December 2019. Bank Nizwa’s financial results reflect its robust performance, registering a growth of 22 per cent in its operating income reaching OMR33 million, amid controlled growth of 11 per cent in operating expenses reaching OMR18.4 million.
Demonstrating strong resilience and performance across all its departments, the bank’s total assets grew by 19 per cent to reach OMR1.035 billion. This resilient performance is in line with the bank’s efforts to achieve its strategic goals and increase its market share. Main factors behind these results include growth of customer financing, customer deposits, and expansion of the bank’s customer base as more and more people to appreciate the benefits associated with this ever-growing industry in Oman.
Sheikh Khalid Abdullah Al Khalili, Chairman of Bank Nizwa, said: “Despite the economic challenges, Bank Nizwa continues to register robust financial results that reflect the resilience and stability of our assets while drawing on the effective operational model successfully led by the Board of Directors and Executive Management to achieve our strategic goals and increase value for shareholders. At Bank Nizwa, we will continue to lead the growth of Islamic finance and banking in Oman, while increasing our market share within the sector in specific and the financial sector in general.”
