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Bank Nizwa’s net profit rises 9 per cent to RO11mn in 2020

18 Jan 2021

Despite the economic recession caused by the COVID-19 pandemic and low oil prices last year, Bank Nizwa managed to grow its operating income by 19 per cent to RO39.25mn in 2020.

Bank Nizwa, the sultanate’s first fully-fledged Islamic bank, has reported a 9 per cent year-on-year growth in its full year net profit for 2020.

The bank’s net profit rose to RO11.06mn for the year ended December 31, 2020 compared to RO10.17mn reported for the previous year, according to a disclosure submitted to the Muscat Securities Market.

Despite the economic recession caused by the COVID-19 pandemic and low oil prices last year, Bank Nizwa managed to grow its operating income by 19 per cent to RO39.25mn in 2020 compared to RO33.01mn in 2019. Operating expenses increased by 7 per cent to RO19.65mn for the year ended December 31, 2020 compared to RO18.42mn in the same period a year ago.

Bank Nizwa’s total financing to customers crossed RO1bn mark for the first time to reach at RO1.004bn as of December 31, 2020 against RO839.3mn a year ago. The bank’s total assets also grew by 17 per cent to RO1.205bn as of December 31, 2020 from RO1.034bn a year ago.

The bank’s total customer deposits increased by 16 per cent to RO924.2mn as of December 31, 2020 as compared with RO797.16mn as of December 31, 2019.

Bank Nizwa reported total shareholders’ equity at RO159.53mn as of December 31, 2020, rising by 8 per cent compared to RO148.06 a year ago.

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