Alizz Islamic Bank's quarterly profit soars

Muscat: Alizz Islamic Bank recorded a quarterly profit growth of 46.59 per cent year-on-year in the first quarter of 2019. The bank's unaudited financial statements published in the Muscat Securities Market (MSM) showed a quarterly profit of OMR453,389 compared to a profit of OMR309,290 in the first quarter of last year.
The bank's net operating income for the first quarter of the year was increased by 13.91 per cent to reach OMR4.85 million compared to OMR4.25 million for the first quarter of 2018.
The bank witnessed a solid growth in all core business areas which resulted in an increase in financing receivables by 20.2 per cent to reach OMR553.3 million in 2018 from OMR460.2 million at the end of 2017. Furthermore, deposits increased by 23.6 per cent to reach OMR586.4 million.
The bank’s revenue from financing and investing activities increased by 45.8 per cent to OMR30.8 million in 2018 from OMR21.2 million in 2017. The bank reported a net operating profit of OMR3.2 million versus a net operating loss of OMR1.6 million last year and a net profit of OMR2.0 million in 2018 versus a net loss of OMR2.9 million in 2017. This resulted in an impressive 166.9 per cent year-on-year growth.
The bank managed to enhance its yield on assets, fee income and witnessed improvement in other key performance indicators including net profit margin and cost-to-income ratio.