30 July 2016
Muscat - Due to the increase in income, stringent cost-controls and strong monitoring of financing quality, alizz islamic bank said it was able lower second-quarter net loss by 32 per cent year-on-year to RO2.1mn in the second quarter of 2016. On a sequential basis, net loss fell 39 per cent.

The bank's financing portfolio reached RO247.7mn in the latest second quarter, registering a growth of 77 per cent from the same period last year and growth of 24 per cent from the end of 2015. Deposits grew by RO115.7mn from the same period last year representing growth of 120 per cent and by RO50.9mn from the end of 2015 to reach RO212.4mn, a statement said.

Net operating income grew by 90 per cent from the same period last year to reach RO4.4mn and by 21 per cent compared to the previous quarter.

Capital Intelligence, an international credit ratings agency, reaffirmed the long- and short-term ratings on the Oman national scale of alizz islamic bank at omBBB- and omA3 respectively. The outlook for both ratings remains 'stable'.

Within a short period of time, alizz has consolidated its presence within the Omani banking industry and is being widely regarded as one of the most innovative banks that offer technology-oriented products and services to its customers.

Commenting on the results, CEO Salaam al Shaksy said, "Such an improvement in our performance considering the challenges faced by the economy in general and banking industry in particular reflects the success of our strategy and strength of our risk management framework."

© Muscat Daily 2016