Bank Nizwa sees 349 per cent growth in customer financing

30/10/2014 07:59 AST

Bank Nizwa’s financial performance over the last twelve months period ending on September 30, demonstrated the solid growth of the institution since its inception, reporting a 349 per cent surge in the bank’s customer financing portfolio and a 204 growth in deposits to reach RO 101 million and RO 69 million, respectively. As a result the bank posted an increase in assets of 49 per cent to reach RO 257m compared with the same period last year, while operating income increased by 216 per cent and net loss decreased by 49 per cent.

“Trust is the most fundamental factor for the success of any organisation and our financial performance is a clear indication of just that,” said Dr Jamil el Jaroudi, CEO of Bank Nizwa.

“Day after day, we are winning the trust and confidence of customers by consistently delivering on our promise of offering high quality Islamic finance products and services and investing in our technology, human capacity and network. The results are the fruit of a strategic plan we have put in place to always put customers at the center of everything we do and make Islamic banking accessible to all and relevant for today’s changing 21st century needs.”

El Jaroudi went on to explain, “The bank is steadily building its financing portfolio backed by the momentum we witnessed this year. We expect losses to continue to decrease, and the decrease in net loss is a positive indication that we are on the right path towards reaching profitability.”

Oman Daily Observer