Bank Nizwa achieved operating profit for nine months ended 30th September 2016

Bank Nizwa, Oman’s first Islamic bank has registered operating profit before provision for nine months ended 30^th September 2016 OMR 666 thousand, compared to net loss of OMR 3,265 for the same period from in 2015. The sustainable growth of the bank was powered by its gross financing, which increased by 59% to reach OMR 383 million, compared to OMR 241 million for the same period in 2015. Additionally, customer deposits’ portfolio increased to reach OMR 299 million, supporting the sustainable growth in the market share of the bank and the customer’s willingness towards competitive Shari’a-compliant products and services. The bank is now serving more than 66 thousand retail and corporate customers.

Sayyid Amjad bin Mohammed Al Busaidi, Chairman of Bank Nizwa, said, “The financial results of the nine months ended 30^th September 2016 showed a strong financial performance where the bank was able to achieve net profit after provision of OMR 187 thousand which is the first time since inception which is in line with our long-term strategy. This is an important milestone for the bank and we aim to further improve our performance and reduce accumulated losses.”

He added, “We succeeded in increasing the operating income by 51% to reach OMR 12.5 million compared to OMR 8.3 million in the same period last year, while our operating expenses stood at the same level. We also have a strong capital adequacy ratio to support long-term growth of business and operations. With all of these achievements in place, we look forward to achieve our goals for 2016 and beyond.” 

Renowned for its Shari’a-compliant range of progressive and efficient financial solutions, Bank Nizwa has quickly become the go-to reference of the industry in Oman. In 2016, the bank has been focusing on driving asset growth and cross-sell in the retail business, while developing SME and Wealth Management portfolios. It has also launched its own Strategy 2020, a five-year visionary plan that aims to further drive its operations to become the Sultanate’s leading Islamic financial institution. The bank’s Strategy 2020 focuses on five pillars of development including financial performance, technological advancement, market share, team and culture, in addition to progressive organization.