Bank Nizwa continued its success journey in the first half of the year by achieving impressive financial results. The Bank registered a growth of 37 per cent in net profits for the period ending 30 June, 2020 compared to the same period in 2019. It’s the highest growth rate in net profits in the banking sector in the Sultanate.
The net profits increased to OMR 5.8 million this year compared to OMR 4.2 million in the corresponding period in 2019. Maintaining a solid growth, Bank Nizwa’s total assets also increased to over OMR 1 billion against OMR 933.1 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 OMR 898.2 million for the period ending 30 June this year compared to OMR 785.6 million in the same period last year. The customer deposits also shot up by 14 per cent to OMR 838.9 million against OMR 733.2 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,” he added.
The operating income increased by 15 per cent to OMR 18.5 million for the period ending 30 June 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 per cent to OMR 154.1 million compared to OMR 141.7 million on a year-on-year basis.