Bank Nizwa’s positive growth demonstrates its excellence in Islamic banking

Bank Nizwa’s positive growth demonstrates its excellence in Islamic banking

Muscat: Bank Nizwa, the leading Islamic Bank in the Sultanate, has recorded a positive trajectory of growth as reflected in its financial results in the third quarter of 2022. As a testament to its progress, Bank Nizwa has turned in a commendable financial performance by registering an 18 percent growth in net profit. The bank's total assets also increased by 7 percent, reaching 1,487 million Omani Riyals in September 2022 from 1,384 million Omani Riyals in September 2021. The gross financing portfolio improved by 8 percent to 1,217 million Omani Riyals, whilst the total customer deposit portfolio rose by 13 percent to 1,209 million Omani Riyals. The increase in financing and deposit portfolios in retail and corporate businesses has provided the bank with the impetus to maintain its growth.

Shaikh Khalid Abduallah Al Khalili, Chairman of Bank Nizwa said: “During the year, your Bank has turned in a commendable financial performance by registering eighteen percent growth in net profit. This is the result of our ability to adapt to the economic realities, including the competitive environment in which we operate and a resilient balance sheet”

He added: “After the re-opening surge in 2021, growth in 2022 has created a positive sentiments in