Oman's Bank Nizwa H1 net profit up 37pc
COMMERCIAL NEWS
Bank Nizwa, a leading Islamic bank in Oman, has registered a 37 per cent growth in its net profits for first half of the year which rose to RO5.8 million (15.02 million) compared to RO4.2 million ($10.04 million) for the same period last year.
Announcing the results for the period ending June 30, Bank Nizwa said it was the highest growth rate in net profits in the banking sector in the sultanate.
The bank’s performance is quite commendable as it has been achieved under an extremely challenging Covid-19 affected market environment, it stated.
Bank Nizwa said the operating income increased by 15 per cent to RO18.5 million for the period ending June 30.
This reflects Bank Nizwa’s accomplishment in maintaining sustainable growth across a number of operational revenue segments, despite the extreme economic slowdown. Total shareholders’ equity increased by 9 per cent to RO154.1 million compared to RO141.7 million on a year-on-year basis.
Maintaining a solid growth, Bank Nizwa’s total assets also increased to over RO1 billion against RO933.1 million in 2019 registering a growth rate of 14 per cent.
The bank’s financing to customers rose by 14 per cent to RO898.2 million for the period compared to RO785.6 million last year. The customer deposits also shot up by 14 per cent to RO838.9 million against RO733.2 million on a year-on-year basis, it added.
On its performance, Chairman Sheikh Khalid Abdullah Al Khalili said: "Our objective since inception has been to script a worthy legacy for Islamic banking in the Sultanate and play a meaningful role in making a real difference to the economic growth and social development. We firmly believe that real success cannot be achieved without real partnerships."
"From day one, we are committed to build our business as a partnership based on trust and the values we share with our customers and the community that we serve, and the associates we work with. With a single-minded focus to be a trusted partnership-driven organisation guided by the principles of Shari’a has provided us the strength to lead from the front in Islamic banking in the sultanate," remarked Sheikh Khalid.
"This year has been a milestone year in our success journey. We have recorded the highest growth in net profits in the banking sector in Oman. This further strengthens our leadership status in Islamic banking in the sultanate," he stated.
"The impressive performance has also enabled us to wipeout the accumulated losses with a healthy balance sheet. This major achievement is credited to the partnership of our customers and stakeholders, the dedication of our team and the prudent strategy," he added.-TradeArabia News Service
