Bank Nizwa Holds Annual Ordinary General Meeting and Approves Dividend per Share for 2022

Main Image

Bank Nizwa, Oman's leading and most trusted Islamic bank, announced a strong performance in its financial results for the fiscal year that ended December 31, 2022, owing to the bank's efforts to expand the reach of its innovative and Shari'a-compliant products and services provided to its customers across the Sultanate. To support the next stage of expansion and increase shareholder returns, the bank has devised a long-term growth strategy until 2025 in line with the objectives of Oman Vision 2040.

The AGM, chaired by Sheikh Khalid Abdullah Ali Al Khalili, Chairman, Bank Nizwa, approved the Director’s Report for the financial year ending December 31, 2022, the Bank's Corporate Governance Report, and the Bank's Audited Financial Statements, for the same fiscal year. The AGM also disclosed the Sharia Supervisory Board’s Report for the year ending December 31, 2022. The shareholders also approved the distribution of a cash dividend for the shareholders of 4.038 baizas per share.

It is worth noting that the key financial indicators of Bank Nizwa in 2022 are crucial indicators for evaluating its financial performance and identifying its future trends. These indicators saw growth in total assets, which reached a rate of 6%, and total equity also saw commendable growth, reaching a rate of 3%. Additionally, the bank achieved significant progress in its financial performance during 2022, with net profits increasing by 20%, while the customer financing portfolio improved by 10% and the deposit portfolio grew by 7%. The bank's operating income also increased by 18%. These indicators reflect the efforts made by the management and employees to enhance the bank's financial performance and achieve the desired goals. They also demonstrate Bank Nizwa's strength and stability in the financial market, contributing to increasing the confidence of customers, investors, and shareholders in the bank. Bank Nizwa follows precise procedures to analyze these indicators and use them to determine appropriate financial strategies and make sound decisions that enhance its ability to achieve more success and prosperity in the future.

Sharing details of the AGM, Sheikh Khalid Al Khalili highlighted, “Our financial results for this year demonstrate the hidden strengths in our operations and our adaptability to different circumstances. We are proud of this amazing year in which Bank Nizwa accomplished remarkable things despite economic constraints and a tough operating climate. The bank was able to grow the Islamic banking sector in the Sultanate of Oman thanks to the support of our shareholders and the loyalty of our customers. This strong financial performance in 2022 reflects the bank's prestigious position and future plans, which include implementing innovative strategies and utilizing the latest digital technologies, as well as cementing the bank's position and spread among communities throughout the Sultanate."

"Over the past ten years, Bank Nizwa has achieved several accomplishments, including expanding our operations, increasing our customer base, and diversifying our services. We have also been able to overcome challenges to emerge stronger and more resilient. These efforts have contributed to the growth and prosperity of our bank through hard work and dedication, and therefore we appreciate and value the efforts of all our employees and customers, as well as the support of the Central Bank of Oman, the Capital Market Authority, and our esteemed shareholders."

Bank Nizwa - the leading Islamic bank in the Sultanate - is committed to making a positive impact in the development of the economic and social landscape through its five-year strategy towards 2025, which aims to strengthen Islamic finance in society. In addition, Bank Nizwa has won several prestigious local, regional, and international awards, which reinforces its position as a leading and most trusted Islamic bank in the Sultanate.
The positive financial results achieved by Bank Nizwa reflect its ambitious strategy as the first Islamic bank in the Sultanate, making it a trusted banking partner in the country.

Chat with Us