Bank Nizwa announced its H1 financial results registering yet another strong performance across its operations in Oman’s banking sector. The bank recorded 101 per cent growth in net profit after tax to RO 2.6 million for period ended June 30, 2018 compared to RO 1.3 million last year.
In addition, the bank’s total assets grew by 26 per cent to reach RO 773 million compared to RO 613 million last year. Operating profit before provision and tax grew by 75 per cent to RO 4.4 million compared to RO 2.5 million last year, while total customer deposit portfolio reached RO 619 million recording a growth of 40 per cent year-on-year.
Sayyid Amjad bin Mohammed al Busaidi (pictured), Chairman of Bank Nizwa, said, “These results are a natural continuation to the solid performance we have been achieving in our fifth year of operation as Oman’s first Sharia-compliant bank. We will continue growing from strength-to-strength, setting new goals for ourselves, disrupting the market in the process, by offering innovative customer-centric solutions. With yet another achievement in performance, we remain steadfast in our commitment to raising awareness on the benefits of Islamic finance.”
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