Robust Growth

Khalid Al Kayed, CEO of Bank Nizwa, talks about the bank’s performance, expansion strategy, future outlook and the Islamic banking industry in Oman

Bank Nizwa is celebrating its fifth anniversary this year. Can you give us a brief overview of the bank’s performance? 

It has been a remarkable journey so far. We are proud of five years filled with achievements across all levels of operations and services. We have recorded an increase of 3,343 per cent in net profit after tax to RO3.8mn for the financial year that ended December 31, 2017, achieving the highest growth rate in the Sultanate’s banking industry for the financial year. In addition, we achieved a year-on-year (YOY) 35 per cent rise in total assets, a 50 per cent rise in customer deposits, a 43 per cent surge in financing portfolio, and a 29 per cent rise in operating income from December 2016 to December 2017. We have effectively demonstrated strong resilience and performance across all departments and units.

What were the major milestones during the year 2017? 

2017 started on a high note at Bank Nizwa, as we marked a number of milestones. We were successful in expanding our reach across Oman ending the year with opening our 12th branch in Al Ma’abela. Added to that, committed to raising awareness of Islamic finance, we successfully co-launched Oman’s first roadshow to showcase the great advantages in Shari’a-compliant banking, insurance, and investment tools and services to empower students, entrepreneurs, and public and private sector employees. Reflecting our effective product portfolios and services, we have been honored with a number of prestigious awards this year. Our long-list of awards includes, ‘Excellence in CSR in Islamic Finance’, ‘Best Islamic Services and Products in Oman’, ‘Strongest Islamic Retail Bank in Oman 2017’ and ‘Pioneer Islamic Bank in Oman’ to mention but a few.

What about your ATM and branch expansion strategy?