Bank Nizwa posts 37pc increase in Q1 revenue

MUSCAT: Announcing a highly successful start to 2017, Bank Nizwa reported its financial results for the period ending on March 31, 2017, showing total assets of RO 562 million with gross financing portfolio advancing in both retail and corporate business to reach RO 453 million.
Further highlighting the bank’s ongoing success was the growth in its customer deposit portfolio to RO 397 million.
Bank Nizwa’s balance sheet remained strong in a challenging year for liquidity, with excellent quality and robust capital ratios leading to an increase in revenue of 37 per cent compared to the same period in 2016, while operating costs rose by just 5 per cent.
In addition, the report presented the bank’s achievement of a net profit for the quarter of RO 593 thousand after tax, an important milestone for the bank as it advances towards the realisation of its long-term objectives.
Commenting on the bank’s Q1 landmark performance, Sayyid Amjad bin Mohammed al Busaidi (pictured), Chairman of Bank Nizwa, said, “As we continue to lead Sharia-compliant banking in the Sultanate, our primary focus during this first quarter of the year was to increase profitability through the implementation of our 2020 growth strategy. In doing so, we were mindful to adapt to the current economic realities including the competitive environment in which we operate. This we achieved without compromising on our commitment to provide an unsurpassed customer experience.”
Sayyid Amjad went on to note Bank Nizwa’s prioritization of the controlled growth of its balance sheet and the diversification of its revenue streams.
He also detailed the expansion of the bank’s product range and client base, as well as the enhancement of delivery channel capabilities.
He added: “Looking ahead, I am confident Bank Nizwa is on the right track to capture future opportunities, support sustainable growth and continue to maximize shareholder value. As we do so, we will continue to enforce a strong and resilient business model, built upon a strategy that aims to deliver a solid financial performance across businesses through a customer-centric approach, a stable and conservative liability base, a culture of service excellence and efficiency, diligent risk management and highly talented staff.”