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Bank Nizwa’s Q3 financial results demonstrate strong customer confidence with 349% growth in customer financing

Bank Nizwa’s financial performance over the last twelve months period ending 30th September 2014 demonstrated the solid growth of the institution since its inception and its leading position in the Islamic finance sector in Oman, reporting a 349% surge in the Bank’s customer financing portfolio and a 204% growth in deposits to reach OMR 101 mn and OMR 69 mn respectively. As a result the Bank posted an increase in assets of 49% to reach OMR 257 mn compared with the same period last year, while operating income increased by 216% and net loss decreased by 49%.

“Trust is the most fundamental factor for the success of any organization and our financial performance is a clear indication of just that,” said Dr. Jamil El Jaroudi, CEO of Bank Nizwa. “Day after day, we are winning the trust and confidence of customers by consistently delivering on our promise of offering high quality Islamic finance products and services and investing in our technology, human capacity and network. The results are the fruit of a strategic plan we have put in place to always put customers at the center of everything we do and make Islamic banking accessible to all and relevant for today’s changing 21st century needs.”

Dr. El Jaroudi went on to explain, “The Bank is steadily building its financing portfolio backed by the momentum we witnessed this year. We expect losses to continue to decrease, and the decrease in net loss is a positive indication that we are on the right path towards reaching profitability.”

Through transparent offerings and consistency in operating practices and product features, Bank Nizwa plans to expand its customer reach in addition to products and services, which today include savings and current and Investment deposits accounts, home, personal and auto finance solutions, investment banking and global markets. A recent addition is the customized Ladies Banking experience, exclusively built to offer women a world of instant rewards and long-term benefits. The Bank has also extended its retail footprint across the Sultanate with the opening of two new branches in Samail and Sur, thereby achieving 90% of its two year plan to open 10 full-fledged branches by January 2015.