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Alizz Islamic Bank’s Net Profit Jumps 46% In Q1

Alizz Islamic Bank’s Net Profit Jumps 46% In Q1

MUSCAT –
Alizz Islamic Bank reported a 46.6 per cent year-on-year growth in its net profit for the first quarter of 2019. The bank’s first quarter net profit jumped to RO453,389 this year compared to RO309,290 in the same period of last year.

The bank’s net operating income for the first quarter increased 13.91 per cent to reach RO4.85mn compared to RO4.25mn for the first quarter of 2018, according to unaudited financial results submitted to the Muscat Securities Market.

Alizz Islamic Bank managed to enhance its yield on assets, fee income and witnessed improvement in other key performance indicators including net profit margin and cost-to-income ratio, the bank said in a press statement.

Alizz Islamic Bank witnessed a solid growth in all core business areas, which resulted in an increase in financing receivables by 20.2 per cent to RO553.3mn in 2018 from RO460.2mn at the end of 2017. Deposits increased by 23.6 per cent to reach RO586.4mn, the bank statement said.

The bank’s revenue from financing and investing activities surged 45.8 per cent to RO30.8mn in 2018 from RO21.2mn in the previous year.