Bank Nizwa has reported OMR 4.3 million in net profit representing a 64% growth after tax for the period ended 30 June 2019, making it a formidable leader in the Islamic finance sector in Oman.
The bank’s total assets grew by 21% to reach OMR 933m this year compared to OMR 773m last year, while its total customer deposit portfolio reached OMR 733 million achieving a growth of 18% year-on-year.
The bank’s financial results have been consistent with its performance in being able to garner more customers to use and understand the benefits of the ever-growing Islamic banking industry in the Sultanate.
In a press release, Sheikh Khalid Abdullah Al Khalili, Chairman of Bank Nizwa, said: “We announce our Q2 2019 financial results at a time of uncertainty in international markets owing to fluctuating oil prices and global trade conflicts, but Bank Nizwa continues to overperform and lead the Islamic finance market in the Sultanate. This has been possible given the balanced strategy we are undertaking and our unwavering commitment to partner with our customers in their progress, fulfilling and enriching their financial journeys. This customer-first approach has helped us in building a formidable banking franchise that has grown from strength to strength over these past six years.”
The release added that Bank Nizwa’s roadmap for 2019 is centred on delivering an unparalleled customer experience, driving core business efficiency, fostering a high-performing working environment and enhancing its agility to adapt to latest trends. The bank is also committed to raising awareness over the benefits of adopting Islamic banking and finance by communities across the Sultanate.