Alizz Islamic Bank reports strong Q2 results
Muscat - Alizz Islamic Bank announced its second quarter results for 2017. The growth in second quarter numbers is in line with the bank’s operating strategy to enhance the Islamic banking offering in the sultanate, the bank said in a press release.
Alizz Islamic Bank’s financing receivables reached to RO386.95mn, registering a growth of 56.21 per cent compared to the same period last year. Deposits grew by RO213.02mn or more than 100 per cent to RO425.38mn compared to a year ago period.
The bank’s net operating income grew by 19.39 per cent to RO5.26mn compared with the same period of last year. Due to the increase in income, stringent cost controls and strong monitoring of credit quality, the net loss of the bank stood at RO2.04mn.
Alizz Islamic Bank achieved solid growth in core business activities and the credit quality of its financing portfolio remains strong.
The bank launched its new enhanced mobile and Internet banking platforms which have been positively received by cus- tomers. The bank also opened a new branch in Barka, while two other branches are in the process of being opened in other parts of the sultanate which will take total number of branches to ten by the end of the year.
Salaam al Shaksy, CEO of Alizz Islamic Bank, said: “The outstanding performance of Alizz Islamic Bank is reflected in the results. Overall, Oman’s Islamic financial institutions are showing robust growth with the value of gross assets accounting for more than ten per cent of the total banking industry. At Alizz Islamic Bank we believe in leading this growth and cementing our position as Oman’s most innovative bank by providing Sharia’a-compliant solutions that cater to both individual and corporate customers.”
Salaam al Shaksy