Muscat: Continuing to lead the Islamic finance sector in Oman, Bank Nizwa, reported OMR 4.3 million in net profit representing a 64% growth after tax for the period ended 30 June 2019.
During 2019, Bank Nizwa’s financial results have been consistent with its performance with regards to attracting more and more people to use Islamic banking and appreciate the benefits associated with this ever-growing industry in Oman. Demonstrating strong resilience and performance across all its departments, the bank’s total assets grew by 21% to reach OMR 933 million compared to OMR 773 million last year, while its total customer deposit portfolio reached OMR 733 million achieving a growth of 18% year-on-year.
Sheikh Khalid Abdullah Al Khalili, Chairman of Bank Nizwa, said: “We announce our Q2 2019 financial results at a time of uncertainty in international markets owing to fluctuating oil prices and global trade conflicts, but Bank Nizwa continues to overperform and lead the Islamic finance market in the Sultanate. This has been possible given the balanced strategy we are undertaking and our unwavering commitment to partner with our customers in their progress, fulfilling and enriching their financial journeys. This customer-first approach has helped us in building a formidable banking franchise that has grown from strength to strength over these past six years.”
Bank Nizwa continues to deliver solid results in its sixth year of operations driven by healthy activity across its various businesses and notable improvements in cost efficiency. These results are supported by growth in its core business portfolio between its retail and wholesale banking. The strong operating performance was underpinned by higher revenue on the back of financing asset growth and improved margins, further supported by a customer-oriented approach engrained in all its processes.
Building on its success to date, Bank Nizwa’s roadmap for 2019 is centred on delivering unparalleled customer experience, driving core business efficiency, fostering a high-performing working environment and enhancing its agility to adapt to latest trends. The bank is also committed to raising awareness over the benefits of adopting Islamic banking and finance by communities across the Sultanate.
