Bank Nizwa records robust Profit Growth in Q3

Bank Nizwa records robust Profit Growth in Q3

Muscat: Reaffirming its unwavering dedication to Islamic banking excellence, Bank Nizwa has demonstrated impressive resilience throughout the third quarter, ending on September 30, with a net profit of 11.68 million Omani Rials. Rooted in a culture of innovation and customer-centric Sharia principles, the bank achieved a 9% increase in net profits.

This noteworthy performance cements Bank Nizwa’s position as the leading institution in the Islamic finance sector as the bank recorded a 6% growth in revenues, reaching 40.627 million Omani Rials by the end of the third quarter, compared to 38.216 million Omani Rials at the end of the same period in 2022. Owing to its efforts to enhance operational efficiency, the bank managed to achieve a 3% growth in shareholders' equity, reflecting a strong capital base, and a 6% growth in operating revenues compared to the same period last year. These figures were reinforced by the excellent performance of both corporate and retail banking services, in addition to expenditure optimisation. The bank's total assets also grew by 6% to reach 1,569 million Omani Rials compared to 1,487 million Omani Rials in the same period in September 2022. Furthermore, the financing portfolio grew by 9% to reach 1,321 million Omani Rials.

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