Bank Nizwa has achieved a 200 per cent growth in net profit in the first half of 2017, which was the higher growth rate in Oman, according to a press release.
The bank’s milestone was achieved due to a surge in total assets, which reached OMR613 million at the end of June 2017 and a gross financing portfolio that grew to OMR485 million during the first half of the year.
Showing strong resilience and performance across all its departments, Bank Nizwa’s continued growth mirrors the popularity of its wide ranging Islamic financial products and services.
“These numbers have been achieved despite the ongoing effects of low oil prices on the Omani market, reflecting the growing popularity of our Islamic financial solutions. Not only are these figures the culmination of several years of hard work, but they signify the trust our valued customers have placed with us,” said Sayyid Amjad bin Mohammed Al Busaidi, chairman of Bank Nizwa.
In addition to its record profit for the first half of the year, the bank recorded a 45 per cent growth in assets and a 36 per cent growth in revenue during the first half of 2017. Bank Nizwa’s strong financial results have been driven by greater efficiency in asset quality and healthy activity across multiple businesses.