With the popularity of Islamic banking on the rise in Oman, Bank Nizwa has devised a new five-year strategic roadmap for growth.
“We will take all efforts to ensure the Islamic banking sector continues to grow steadily. The strategies to achieve our vision have been laid out for the coming year. This is in line with the targets set for the banking sector and will certainly help us achieve our milestones for 2025, keeping the overall Oman Vision 2040 in mind,” Sheikh Khalid Abdullah Ali al Khalili, chairman of Bank Nizwa said in a press statement.
He said, “In line with the bank’s five years strategy up to 2025, Bank Nizwa will also increase its capital by RO75mn in 2021 to support the next phase of growth and increase returns for the shareholders.”
In the year 2020, Sharia’a-compliant banking assets in Oman accounted for 14.5 per cent of total banking assets, a number that is expected to grow. Bank Nizwa said it was a significant contributor to this figure.
While continuing its growth on the strategic roadmap, Bank Nizwa has recorded outstanding performance in its financial results for the first quarter of 2021. The bank recorded a net profit of RO3mn for the first quarter of 2021, indicating an 8 per cent growth compared to RO2.78mn net profit in the same period in 2020. The bank’s total assets grew by 18 per cent to RO1.252bn compared to RO1.058bn in the preceding year.
Bank Nizwa said its growing preference amongst customers is reflected in its increasing customer deposit portfolio which increased by 14 per cent to RO956.6mn as of March 31, 2021 against RO837mn a year ago. The bank’s financing to customers rose by 19 per cent to RO1.047bn for the year ending March 31, 2021 compared to RO880.5mn in 2020.
“We attribute our success to our customers and shareholders who have invested an immense amount of faith in our capabilities. Our values of being driven, principled, innovative and helpful are the pillars of our strategic approach in providing a diverse set of products and services, and the loyalty of our customers is testimony that we have been able to fulfil our commitments,” Khalil said.
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