Bank Nizwa posts OMR1.3m profit

Muscat: Bank Nizwa, the Sultanate’s first and leading Islamic bank, reported a net profit of OMR1.3 million for the first half of 2017, against a loss of OMR727,000 for the same period of 2016.
The bank’s financing to customers surged by 39 per cent to OMR485.38 million for the January-June period of 2017, from OMR350.26 million during the same period of last year.
Also, customer deposits jumped 76 per cent to OMR441.82 million, from OMR251.22 million during the period under review. Total assets of the bank moved up by 45 per cent to OMR613 million, from OMR421.34 million a year ago.
Bank Nizwa shares rose by 2.15 per cent to 95 baisas amid 1,099,172 shares changing hands on the Muscat Securities Market.
The financial results are unaudited and are subject to approval by the Board of Directors.