Saturday November 5, 2022
Bank Nizwa, the leading Islamic Bank in the Sultanate, has recorded a positive trajectory of growth as reflected in its financial results in the third quarter of 2022. As a testament to its progress, Bank Nizwa has turned in a commendable financial performance by registering an 18 percent growth in net profit. The bank's total assets also increased by 7 percent, reaching 1,487 million Omani Riyals in September 2022 from 1,384 million Omani Riyals in September 2021. The gross financing portfolio improved by 8 percent to 1,217 million Omani Riyals, whilst the total customer deposit portfolio rose by 13 percent to 1,209 million Omani Riyals. The increase in financing and deposit portfolios in retail and corporate businesses has provided the bank with the impetus to maintain its growth.
Shaikh Khalid Abduallah Al Khalili, Chairman of Bank Nizwa said: “During the year, your Bank has turned in a commendable financial performance by registering eighteen percent growth in net profit. This is the result of our ability to adapt to the economic realities, including the competitive environment in which we operate and a resilient balance sheet”
He added: “After the re-opening surge in 2021, growth in 2022 has created a positive sentiments in the global economy. Supported by significant pent-up demand and rising prospects of continued government reforms programs to help sustained economic recovery. We expect an accelerated pace of growth in the coming months to drive a robust economic recovery through 2022, resulting in economic growth. According to the IMF, Oman’s economy is expected to grow by 4.3% in 2022 and 2.5% in 2023. The revenue and spending efficiency are expected to rise while the public debt is projected to decrease in the medium term”
As a result of healthy activity across its wholesale and retail businesses and cost control, the Islamic bank reported a 2 percent boost in shareholder equity and a 16 percent increase in operating income. As a result of the successful implementation of its 2025 strategic plan for growth, the bank will continue to cultivate its balance sheet in a controlled manner. It will diversify revenue streams, control expenses, improve margins, enhance its digital capabilities, and expand its customer base.
The bank has been committed to providing Sharia-compliant innovative ﬁnancial solutions, to offer customers a unique banking experience, leading the way forward for the Islamic banking industry to grow. Positioning itself as a robust, progressive, and customer-centric Islamic banking institution, Bank Nizwa has established a remarkable reputation as the Sultanate's premier Sharia-compliant bank, leading it to earn the ‘Most Innovative Islamic Bank’ Award by International Finance Magazine. While playing a critical role in propelling the bank to new heights, the Bank was awarded the ‘Best Bank in Mid-Size Banks’ and received the ‘Excellence in Mobile Banking’ award at the New Age Banking Summit (NABS) 2022.