Muscat: Bank Nizwa recently held its Annual General Meeting (AGM) bringing together its shareholders, board of directors and executives. The bank added a new achievement to its record of milestones and registered an outstanding performance across its operations recording 3,343 per cent growth in net profit after tax to OMR3.8 million.
This figure constitutes the highest growth rate in the Sultanate’s banking industry for the financial year ended on December 31, 2017. In addition, the bank’s total assets grew by 35 per cent to reach OMR697 million compared to OMR516 million last year. Gross financing portfolio grew by 41 per cent to reach OMR568 million, while total customer deposit portfolio reached OMR526 million recording a significant growth of 50 per cent year-on-year.
During the AGM, Sheikh Ahmed bin Saif Al Rawahi, vice-chairman of the bank presented the financial performance for the year ended December 2017 that reflected solid growth. In addition, the AGM reviewed and approved the board of directors’ report, the corporate governance report and the auditors’ report on the bank’s financial statements. The bank’s performance highlights its continuous efforts in developing the Islamic finance sector and powering its growth in Oman by raising awareness of its benefits.
“These results are a testament to the ambition we have as the first Sharia-compliant bank in the Sultanate, as well as our passion for excellence. The year 2017 saw us record a net profit from the beginning achieving our greatest achievement to date of being the fastest growing full-fledged Islamic bank in the Sultanate, Sayyid Amjad bin Mohammed Al Busaidi, Chairman of Bank Nizwa, said.”
“With our resilient purpose-built strategy, we are maintaining our focus on enhancing our capabilities across our businesses, which will directly contribute to the overall growth of the sector. We will continue to encourage and nurture innovation across our operations and corporate culture,” Sayyid Amjad added.
Since inception in 2013, Bank Nizwa has been at the forefront of introducing, developing and enhancing Islamic Banking in the Sultanate. The bank has consistently reached out to prospective markets and customers through informative roadshows and workshops, further consolidating its role as the Sultanate’s leader in Sharia-compliant banking. The bank continues to offer transparency and consistency in terms of practices and product features and plans to expand its customer base to cater to untapped markets and industries.