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Bank Nizwa marks AGM with 98% growth

Bank Nizwa marks AGM with 98% growth

Muscat: Bank Nizwa’s shareholders, board of directors and executives came together for the bank’s Annual General Meeting (AGM). During the meeting held on March 28, 2019, shareholders approved the board of directors’ report for the financial period ended on December 31, 2018 and elected the new board of directors.

The bank’s newly elected board agreed during their first meeting to appoint Sheikh Khalid Abdullah Al Khalili as Chairman of the board and Musabah Saif Al Mutairi as Vice Chairman of the board. The board also agreed to appoint Tariq Mohammed Osman, Head of Legal, as Secretary to the Board of Directors. The meeting also saw the formation of a number of board committees: audit committee, governance, risk, and compliance committee, executive committee, as well as human resources and remunerations Committee.

The AGM comes after a milestone year that saw the bank record the highest growth rate in the Sultanate’s banking industry with OMR7.5 million in net profit representing a 98 per cent growth after tax for the period ended on December 31, 2018.

During 2018, the go-to reference for Islamic finance was able to lead the segment’s market share, successfully demonstrating strong resilience and performance across all its departments. The bank’s total assets grew by 25 per cent to reach OMR873 million compared to OMR697 million last year, while its total customer deposit portfolio reached OMR712 million achieving a growth of 35 per cent year-on-year.

The bank delivered a good set of results in its sixth year of operations driven by healthy activity across its various businesses and notable improvements in cost efficiency. This is a record profit supported by growth in its core business.

The strong operating performance was underpinned by higher revenue on the back of financing asset growth and improved margins, further supported by a customer-oriented approach engrained in all its processes.

The results reflect the bank’s commitment to executing its 2020 ambition and related growth strategy, and further demonstrate its ability to adapt to the economic realities including the competitive environment in which it operates within. This year’s milestones were achieved by focusing on providing unsurpassed customer experience and adhering to the core values that form this institution.

Building on its success to date, Bank Nizwa’s roadmap for 2019 is centered on delivering an unparalleled customer experience, driving core business efficiency, fostering a high-performing working environment and enhancing its agility to adapt to latest trends.

The bank has been always committed to raising awareness over the benefits of adopting Islamic banking and finance by all. Its service offerings and products possess a competitive edge to cater and appeal to all segments whether retail, corporate, wealth, or other. Bank Nizwa is a progressive institution that is deeply rooted in tradition and values bank, but most importantly, looking to be the bank for all.