Bank Nizwa records robust profit growth in third quarter

Business Monday 06/November/2023 14:33 PM
By: Times News Service
Bank Nizwa records robust profit growth in third quarter

Muscat: Reaffirming its unwavering dedication to Islamic banking excellence, Bank Nizwa has demonstrated impressive resilience throughout the third quarter, ending on September 30, with a net profit of OMR11.68 million. Rooted in a culture of innovation and customer-centric Sharia principles, the bank achieved a 9 per cent increase in net profits.

This noteworthy performance cements Bank Nizwa’s position as the leading institution in the Islamic finance sector as the bank recorded a 6 per cent growth in revenues, reaching OMR40.627 million by the end of the third quarter, compared to OMR38.216 million at the end of the same period in 2022. Owing to its efforts to enhance operational efficiency, the bank managed to achieve a 3 per cent growth in shareholders' equity, reflecting a strong capital base, and a 6 per cent growth in operating revenues compared to the same period last year.

These figures were reinforced by the excellent performance of both corporate and retail banking services, in addition to expenditure optimisation. The bank's total assets also grew by 6 per cent to reach OMR1,569 million compared to OMR1,487 million in the same period in September 2022. Furthermore, the financing portfolio grew by 9 per cent to reach OMR1,321 million.

Commenting on the bank's financial performance, Sheikh Khaled bin Abdullah Al Khalili, Chairman of Bank Nizwa's Board of Directors, said, "The financial performance of the bank for the third quarter reflects its ability to adapt to changes in the local market, keep up with new developments, and continue to support government efforts to empower various sectors and individuals. The increase in revenues for this quarter reflects the bank's commitment to supporting economic and social growth in the Sultanate of Oman."

He further added, "Bank Nizwa has a resilient balance sheet, and the strength to adapt and remains focused on delivering value for customers, employees, communities, and shareholders. We are committed to spearheading Islamic finance's growth and solidifying our leadership in the sector, leading the market share towards new heights. We are fully confident that the Bank is on the right track to capture future opportunities, support sustainable growth, and maximise shareholder value."

The Islamic finance sector in the Sultanate of Oman has experienced remarkable growth, and the bank is dedicated to strengthening its position as the most trusted Islamic bank in the nation. Without a doubt, the bank's robust and enduring financial performance over the long term will empower its capacity to attain even greater levels of success, further augmenting the milestones it has achieved during its journey, which have played a pivotal role in creating a multitude of growth prospects.