Al­izz Is­lamic Bank re­ports strong Q2 re­sults

Muscat Daily - - BUSINESS -

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

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.