Bank Nizwa has reported a robust 54 per cent growth in its net profit to RO7mn for the nine months period ended September 30, 2019.

This achievement was due to the expansion of the bank’s reach of innovative Sharia’a-compliant products and services to customers across the sultanate, Bank Nizwa said in a press statement. 

The bank’s total assets grew 18 per cent to RO967mn as of September 30, 2019 from RO820mn a year ago. Its total customer deposit portfolio reached RO762mn achieving a growth of 15 per cent year-on-year.

Sheikh Khalid Abdullah al Khalili, chairman of Bank Nizwa, said, “Oman’s banking sector is undergoing a paradigm shift. More and more individuals and corporates alike are starting to realise the benefits associated with leveraging Islamic finance in their daily lives and businesses. Islamic finance in the sultanate represents one of the biggest opportunities in terms of potential value, and driving meaningful contributions to the national economy.”

“Bank Nizwa has been achieving consistent growth results since inception. Our customer-first approach, cultivating partnerships with retail and wholesale customers, as well as harnessing technological prowess continue to be key catalysts for our growth, as well as that of the Islamic finance sector,” he added.