Bank Nizwa Records 101% Net Profit Growth

Sayyid Amjad bin Mohammed Al Busaidi, Chairman of Bank Nizwa
Sayyid Amjad bin Mohammed Al Busaidi, Chairman of Bank Nizwa

Bank Nizwa announced its H1 financial results registering yet another strong performance across its operations in Oman’s banking sector. The bank recorded 101% growth in net profit after tax to OMR 2.6 million for period ended 30 June 2018 compared to 1.3 million last year. In addition, the bank’s total assets grew by 26% to reach OMR 773 million compared to OMR 613 million last year. Operating profit before provision and tax grew by 75% to OMR 4.4 million compared to OMR 2.5 million last year, while total customer deposit portfolio reached OMR 619 million recording a growth of 40% year-on-year.

Sayyid Amjad bin Mohammed Al Busaidi, Chairman of Bank Nizwa, said, “These results are a natural continuation to the solid performance we have been achieving in our fifth year of operation as Oman’s first Shari’a-compliant bank. We will continue growing from strength-to-strength, setting new goals for ourselves, disrupting the market in the process, by offering innovative customer-centric solutions. With yet another achievement in performance, we remain steadfast in our commitment to raising awareness on the benefits of Islamic finance, while delivering a world-class Shari’a-compliant banking experience to customers, investors and shareholders.”

Since inception in 2013, Bank Nizwa has been at the forefront of introducing, developing and enhancing Islamic Banking in the Sultanate. The bank has consistently reached out to prospective markets and customers through informative roadshows and workshops, further consolidating its role as the Sultanate’s leader in Shari’a-compliant banking. The bank continues to offer transparency and consistency in terms of practices and product features and plans to expand its customer base to cater to untapped markets and industries.

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