Bank Nizwa Registers Highest Net Profit Growth in Oman’s Banking Industry in Q3 2019

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Sheikh Khalid Abdullah Al Khalili, Chairman of Bank Nizwa
Sheikh Khalid Abdullah Al Khalili, Chairman of Bank Nizwa

Bank Nizwa has reported robust growth across the board in its latest financial results. The growth was the highest in Oman’s banking industry for the period ending 30 September 2019 compared to the same period in 2018.

This achievement was due to the bank expanding its reach of innovative Shari’a-compliant products and services to customers across the Sultanate. The bank registered a 54% increase in net profit totaling OMR 7 million after tax.

Its total assets grew by 18% to reach OMR 967 million compared to OMR 820 million last year, while its total customer deposit portfolio reached OMR 762 million achieving a growth of 15% year-on-year.

Sheikh Khalid Abdullah Al Khalili, Chairman of Bank Nizwa, said: “Oman’s banking sector is undergoing a paradigm shift. More and more induvial and corporates alike are starting to realize the benefits associated with leveraging Islamic finance in their daily lives and businesses.

Islamic finance in the Sultanate represents one of the biggest opportunities in terms of potential value, and driving meaningful contributions to the national economy,” said Sheikh Khalid Abdullah Al Khalili, Chairman of Bank Nizwa.

He added, “Bank Nizwa has been achieving consistent growth results since inception. Our customer-first approach, cultivating partnerships with retail and wholesale customers, as well as harnessing technological prowess continue to be key catalysts for our growth, as well as that of the Islamic finance sector.”