Bank Nizwa, the leading Islamic bank in Oman, registered a growth of 37% in net profits for the period ending June 30, 2020. It’s the highest growth in net profits in the banking sector in the sultanate. 

 

The net profits increased to RO5.8 million ($15.07 million) this year compared to RO4.2 million in the corresponding period in 2019. 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 performance is quite commendable as it has been achieved under an extremely challenging Covid-19 affected market environment.

 

Bank Nizwa’s continuing strategy to redefine the banking experience with a customer-centric approach and offer Shari’a-compliant products and services to all across the sultanate through an ever-expanding branch network and latest technology enabled digital channels has made it a preferred and trusted Islamic bank. 

 

As a result, more and more customers are trusting Bank Nizwa for deposits and financing solutions. No wonder, the Bank’s financing to customers rose by 14 per cent to RO898.2 million for the period ending 30 June this year compared to RO785.6 million in the same period 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.

 

Talking about the remarkable financial performance, Sheikh Khalid Abdullah Al Khalili, Chairman of Bank Nizwa, 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. 

 

“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. 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.” 

 

The operating income increased by 15% to RO18.5 million for the period ending June 30 this year. 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% to RO154.1 million compared to RO141.7 million on a year-on-year basis.

 

Since its inception, Bank Nizwa has continued to play a leading role in introducing, developing and promoting the Islamic banking in the sultanate. The Bank remains committed to engage its customers by organising promotional campaigns and knowledge workshops, besides further strengthening its position as a leading bank in the Islamic banking sector in the sultanate. Bank Nizwa is devoted to ensuring the highest levels of transparency regarding practices, key benefits and features of its products and services in meeting the requirements of different markets and sectors in Oman.-- Tradearabia News Service