Bank Nizwa recently held its Annual General Meeting (AGM) bringing together its Shareholders, Board of Directors and Executives. The bank added a new achievement to its record of milestones and registered an outstanding performance across its operations recording 3,343% growth in net profit after tax to OMR 3,8 million. This figure constitutes the highest growth rate in the Sultanate’s banking industry for the financial year ended 31 December 2017. In addition, the bank’s total assets grew by 35% to reach OMR 697 million compared to OMR 516 million last year. Gross financing portfolio grew by 41% to reach OMR 568 million, while total customer deposit portfolio reached OMR 526 million recording a significant growth of 50% year-on-year.

During the Annual General Meeting, Sheikh Ahmed bin Saif Al Rawahi, Vice Chairman of the bank presented the financial performance for the year ended December 2017 that reflected solid growth. In addition, the AGM reviewed and approved the Board of Directors’ Report, the Corporate Governance Report and the Auditors’ Report on the bank’s Financial Statements. The bank’s performance highlights its continuous efforts in developing the Islamic finance sector and powering its growth in Oman by raising awareness of its benefits.

Sayyid Amjad bin Mohammed Al Busaidi, Chairman of Bank Nizwa, said, “These results are a testament to the ambition we have as the first Shari’a-compliant bank in the Sultanate, as well as our passion for excellence. The year 2017 saw us record a net profit from the beginning achieving our greatest achievement to date of being the fastest growing full-fledged Islamic bank in the Sultanate.”

Sayyid Amjad continued, “With our resilient purpose-built strategy, we are maintaining our focus on enhancing our capabilities across our businesses, which will directly contribute to the overall growth of the sector. We will continue to encourage and nurture innovation across our operations and corporate culture.”

Since inception in 2013, Bank Nizwa has been at the forefront of introducing, developing and enhancing Islamic Banking in the Sultanate. The bank has consistently reached out to prospective markets and customers through informative roadshows and workshops, further consolidating its role as the Sultanate’s leader in Shari’a-compliant banking. The bank continues to offer transparency and consistency in terms of practices and product features and plans to expand its customer base to cater to untapped markets and industries.