Muscat: Board of Bank Nizwa reported a 57 per cent rise in its total revenues in the second quarter, compared to the same period in 2015, while total assets grew by 22 per cent compared to December 2015 reaching OMR421 million.
During the period, the bank’s gross financing portfolio reached OMR77 million with more than 13,000 financing accounts. The retail and wholesale business functions also delivered a strong performance, which helped boost operating revenue to OMR7.9 million, serving more than 61,500 retail and corporate deposit accounts.
Another positive indicator on the growth of the bank’s market share its customer deposits which reached OMR252 million by end of June 2016.
“According to a report issued by the Central Bank of Oman, Islamic banking assets were up more than 62 per cent year-on-year as of end of March 2016. These solid growth levels are a clear indicator of the momentum this relatively novice industry is gaining in Oman when compared to conventional banking,” said Khalid Al Kayed, acting chief executive officer of Bank Nizwa.
“We will continue to embrace a resilient business model, ensuring to deliver a stable financial performance that directly contributes to the overall growth of the sector. In order for us to achieve our goal, we are implementing an internal 2020 strategy, which focuses on accelerating our revenue diversification programme in tandem with the national economic diversification agenda,” he added.
Bank Nizwa has been at the forefront of introducing, developing and enhancing Islamic banking in the Sultanate. Renowned for its Sharia-compliant range of progressive and efficient financial solutions, the bank has quickly grown to be the go-to reference of the industry in Oman.
The bank’s contributions to the Sultanate’s economic diversification have been direct and indirect, identifying opportunities within key sectors in the country including, real estate, oil & gas, and energy providing tailored financing solutions, as well as indirect contributions such as raising awareness on the associated benefits.
Bank Nizwa offers individuals and corporations a choice and various financial solutions, paving the way for Islamic banking’s continued growth as one of the key sectors in Oman’s diversification strategy.
Looking to grow its balance sheet in a controlled manner, during the year 2016, the bank will focus on driving asset growth and cross-sell in the growing retail business, while developing small and medium enterprises and wealth management portfolios.
In the wholesale banking segment, the bank will continue to diversify its portfolio to include a broader representation of multiple sectors and increase revenue from banking services through trade finance and treasury services.