Bank Nizwa records 64% growth in H1 net profit

Muscat - 

Bank Nizwa on Sunday reported that its net profit for the first half of 2019 surged by 64 per cent to RO4.3mn compared to the same period of last year.

During 2019, Bank Nizwa’s financial results have been consistent with its performance with regards to attracting more and more people to use Islamic banking in Oman, the bank said in a press release.

Demonstrating strong resilience and performance across all its departments, Bank Nizwa’s total assets grew by 21 per cent to RO933mn as of June 30, 2019 from RO773mn a year ago. Total customer deposit portfolio reached RO733mn, achieving a growth of 18 per cent year-on-year.

Sheikh Khalid Abdullah al Khalili, chairman of Bank Nizwa said, “We announce our second quarter financial results at a time of uncertainty in international markets owing to fluctuating oil prices and global trade conflicts, but Bank Nizwa continues to 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.”

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