Bank Nizwa reports net loss of OMR2.53M
The bank, which started operation in January this year, said its net financing stood at OMR2.73M, while shareholders’ equity was OMR144.74M
Times News Service MUSCAT: Bank Nizwa, the Sultanate’s first Islamic bank, said the bank has incurred a net loss of OMR2.53 million for the first quarter of 2013.
Total accumulated net loss of the bank stood at OMR7.35 million, which include net loss of OMR4.81 million incurred in the previous quarter.
The bank, which started operation in January this year, said its net financing stood at OMR2.73 million, while shareholders’ equity was OMR144.74 million. Also, the total assets of the bank are estimated at OMR158.32 million.
Shares of the bank fell 1.77 per cent to 111 baisas amid 1.71 million shares changing hand on the Muscat Securities Market (MSM). There has been hectic activity in the previous week in Bank Nizwa counter, due to accumulation by some investors.
Operating income of the bank stood at OMR167,000, while
Bank Nizwa has taken a series of initiatives to widen its product offerings and strengthen its position. For instance, Bank Nizwa recently signed a memorandum of understanding (MoU) with Tibiaan Properties. The mutually beneficial agreement enables customers of Tibiaan Properties to avail any of Bank Nizwa’s wide ranging property finance products that include a multitude of advantages including; speedy processing and approval times together with transparent prices and charges
operating expense was higher at OMR2.70 million during the period.
Series of initiatives
Bank Nizwa has taken a series of initiatives to widen its product offerings and strengthen its position. For instance, Bank Nizwa recently signed a memorandum of understanding (MOU) with Tibiaan Properties.
The mutually beneficial agreement enables customers of Tibiaan Properties to avail any of Bank Nizwa’s wide ranging property finance products which include a multitude of advantages including; speedy processing and approval times together with transparent prices and charges.
Bank Nizwa with its Shariacompliant home finance solution offers customers support and guidance through every step of the process. Since launching its home finance solution, Bank Nizwa has seen an unprecedented amount of interest from customers for many solutions which it offers to suit each customer needs.
With the Bank Nizwa property finance solution, customers can choose from a wide range of solutions, including; purchase of land, ready to live in property, home loan buyouts, which offers customers the freedom to transfer existing home loans from their current conventional bank.
Sizable relaxation
Bank Nizwa earlier got a sizable relaxation in deploying funds in overseas markets for the initial one year. The banking regulator Central Bank of Oman (CBO) has allowed Bank Nizwa to invest up to 75 per cent of the bank’s net worth in foreign currency-denominated assets in the first six months, up to 50 per cent in the subsequent six months, which is against the normal 40 per cent ceiling for banks in Oman.