Bank Nizwa posts better results
Total assets of Bank Nizwa also stood at OMR562m with gross financing portfolio advancing in both retail and corporate businesses to reach OMR453m in first quarter.
MUSCAT: Bank Nizwa said that its net profit for the first quarter of 2017 stood at OMR593,000, an important milestone for the bank as it advances towards the realisation of its long-term objectives.
Total assets of Bank Nizwa also stood at OMR562 million with gross financing portfolio advancing in both retail and corporate business to reach OMR453 million, according to a bank release. Further, highlighting the bank’s ongoing success was the growth in its customer deposit portfolio to OMR397 million.
Bank Nizwa’s balance sheet remained strong in a challenging year for liquidity, with excellent quality and robust capital ratios leading to an increase in revenue of 37 per cent compared to the same period in 2016, while operating costs rose by just 5 per cent.
“As we continue to lead Shariacompliant banking in the Sultanate, our primary focus during this first quarter of the year was to increase profitability through the implementation of our 2020 growth strategy. In doing so, we were mindful to adapt to the current economic realities including the competitive environment in which we operate. This we achieved without compromising on our commitment to provide an unsurpassed customer experience,” said Sayyid Amjad bin Mohammed Al Busaidi, chairman of Bank Nizwa. Sayyid Amjad went on to note Bank Nizwa’s prioritisation of the controlled growth of its balance sheet and the diversification of its revenue streams.
He also detailed the expansion of the bank’s product range and client base, as well as the enhancement of delivery channel capabilities.
“Looking ahead, I am confident Bank Nizwa is on the right track to capture future opportunities, support sustainable growth and continue to maximise shareholder value. As we do so, we will continue to enforce a strong and resilient business model, built upon a strategy that aims to deliver a solid financial performance across businesses through a customer- centric approach, a stable and conservative liability base, a culture of service excellence and efficiency, diligent risk management and highly talented staff,” he added.
Founded in 2013, Bank Nizwa provides innovative corporate and retail Sharia-compliant banking and finance solutions across the Sultanate, confidently taking on traditional approaches to financing and successfully meeting the requirements of its valued customers.
Bank Nizwa is at the vanguard of Islamic banking and finance in Oman, championing education on the benefits and potential of Sharia-compliant banking and committed to developing future leaders in the industry.