Bank Nizwa recently held its Annual General Meeting (AGM) bringing together its Shareholders, Board of Directors and Executives. The bank added a new achievement to its record of milestones and registered an outstanding performance across its operations recording 3,343% growth in net profit after tax to OMR 3,8 million.
This figure constitutes the highest growth rate in the Sultanate’s banking industry for the financial year ended 31 December 2017. In addition, the bank’s total assets grew by 35% to reach OMR 697 million compared to OMR 516 million last year. Gross financing portfolio grew by 41% to reach OMR 568 million, while total customer deposit portfolio reached OMR 526 million recording a significant growth of 50% year-on-year.
During the Annual General Meeting, Sheikh Ahmed bin Saif Al Rawahi, Vice Chairman of the bank presented the financial performance for the year ended December 2017 that reflected solid growth. In addition, the AGM reviewed and approved the Board of Directors’ Report, the Corporate Governance Report and the Auditors’ Report on the bank’s Financial Statements. The bank’s performance highlights its continuous efforts in developing the Islamic finance sector and powering its growth in Oman by raising awareness of its benefits.