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Bank Nizwa in black, records 1.3m-rial profit

 Staff Reporter

MUSCAT

Bank Nizwa posted a net profit of 1.3 million rials during the first half of the year, compared to a net loss of 727,000 rials last year, registering a 279 per cent growth.

Total assets of the bank went up by 45 per cent to 612.99 million rials from 421.34 million rials. Financing to customers was up 39 per cent to 485.38 million rials. Deposits grew by 76 per cent to reach 441.82 million rials.

Operating income of the bank was up by 36 per cent to 10.73 million rials during the peirod and operating expenses went up by 6 per cent to 8.23 million rials.

The total assets of Islamic banks and windows stood at 3.4 billion rials as of April 2017, which constituted about 11 per cent of the banking system assets, according to a CBO report.

Islamic banks provided financing worth 2.7 billion rials during the period compared to 1.9 billion rials a year ago.

Total deposits held with Islamic banks and windows also registered a significant increase to 2.5 billion rials till April 2017 from 1.7 billion rials last year.