Muscat: Demonstrating its commitment to sustainable growth and industry leadership, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, recorded a strong financial performance during the third quarter, ending September 30, 2024. With a net profit of OMR 12,431 million, reflecting a notable 6% increase, this upward trajectory not only underscores Bank Nizwa's effective strategic initiatives but also highlights its ability to navigate market fluctuations while adhering to its core Islamic banking principles.

Building on this foundation, the bank adopted a proactive approach to expanding its asset base, with total assets reaching OMR 1,770 billion, marking a substantial 13% growth compared to OMR 1,570 billion as of September 30, 2023. The financing portfolio experienced a 14% increase, rising to OMR 1,507 billion, while customer deposits surged by 20% to OMR 1,440 billion. These figures are a testament to the bank's strong market position and effective customer engagement strategies.

Commenting on the bank’s financial performance, Sheikh Khaled bin Abdullah Al Khalili, Chairman of Bank Nizwa's Board of Directors, said, “These robust financial results reaffirm Bank Nizwa’s strong position in a highly competitive landscape. Our continued progress is a testament to the power of our vision and the meticulous execution of our long-term strategy, which is closely aligned with Oman’s socio-economic growth aspirations. By consistently enhancing shareholder confidence and embracing transformative initiatives, we fortify our leadership and create new avenues for sustainable growth."

He added, "At Bank Nizwa, we relentlessly pursue our growth strategy, developing innovative, Sharia-compliant products and services that cater to evolving customer needs. Our commitment to maintaining the highest standards of compliance and financial resilience ensures we are well-prepared to navigate future challenges. With a forward-looking approach that leverages emerging trends and technologies, we are dedicated to delivering long-term value for our stakeholders and advancing the broader development of Oman’s Islamic banking sector."

In addition to its strong financial performance, Bank Nizwa is deeply committed to developing national talent, boasting a remarkable 91% Omanization rate. Through continued training and upskilling, the bank fosters a positive workplace culture, nurturing human capital and strengthening its competitive edge. Furthermore, the bank enhances community engagement through comprehensive corporate social responsibility (CSR) initiatives. Bank Nizwa actively supports community-driven projects that promote environmental sustainability and Islamic financial literacy, reinforcing its dedication to the Sultanate’s socio-economic development.

As it continues to forge a path of success and sets new benchmarks, Bank Nizwa remains steadfast in its commitment to providing exceptional Sharia-compliant banking experiences, while prioritizing its role in fostering a promising future for all.