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Muscat - Steadfast on its strategy to redefine Islamic banking in Oman, Bank Nizwa held its Annual General Meeting (AGM) in Muscat where Sayyid Amjad bin Mohammed Al Busaidi, Chairman of the Bank presented the financial year ending 31st December 2014. The AGM reviewed and approved the Board of Directors' Report, the Corporate Governance Report and the Auditors' Report on the Bank's Financial Statements. In addition, shareholders reviewed the Shari'a Supervisory Board's Report and the transactions and contracts conducted by the Bank, while also voted for the appointment of the Shari'a Supervisory Board members for the period ending 31st December 2015.
Commenting on the Bank's performance in 2014, Al Busaidi said, "The year 2014 saw the Bank maintain a relentless focus on serving clients, strengthening its leadership position and making a significant positive impact on our communities. We are in a stable position and this will only provide us with greater impetus for improved performance in the coming year. However, as we look back at the year's performance, we are filled with a great sense of pride at the many accomplishments we have achieved during our two-year history and salute everyone who has been a great source of support along the way."
Bank Nizwa closed the year ending 31st December 2014 on solid ground recording a gross revenue growth of 163% from the previous year. The Bank reported a 343% surge in its financing portfolio reaching OMR 137.3 million, while deposits increased by 234% to OMR 93.7 million. The Bank's total Assets reached OMR 253 million representing a 29% increase compared to last year. As a result of revenue growth and the Bank's meticulous cost management policies, the net loss after tax and provision decreased by 37% over the previous year.
"We are poised for growth." reaffirmed Sayyid Amjad. "Over the past two years, Bank Nizwa was able to gain the trust and confidence of customers by consistently delivering on its promise to offer high quality Islamic finance products and services, whilst investing in technology, human capital and network expansion. A contributor to the growth of the Omani Banking sector, our outlook for 2015 is positive as we follow the government's strategy for diversification, expanding our products and asset portfolio by financing key infrastructure projects across the country."
Dr Jamil El Jaroudi, CEO of Bank Nizwa also commented, "Since inception in 2013, Bank Nizwa has successfully embarked on a journey of growth to emerge as the pioneer of Islamic banking in the Sultanate. Our strong results in 2014 have brought us one step closer towards achieving our objectives whether financial, operational or community-related in terms of raising awareness on Islamic finance."
El Jaroudi added, "This meeting was a great opportunity to reaffirm our commitment to shareholders, as we move towards even greater heights. I am confident that with their continued support we will yield even greater results next year."
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. Introducing a market first in 2014, Bank Nizwa launched its customized Shari'a-compliant Ladies Banking experience, exclusively built to offer women a world of instant rewards and long-term benefits. The Bank also opened its 10th fully-fledged branch in the Sultanate, achieving its two year expansion target as per schedule.
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About Bank Nizwa
Bank Nizwa is Oman's first dedicated Islamic bank offering a unique banking experience that combines Shari'a compliant products and services with today's dynamic financial requirements. Since its inception in January 2013, the Bank has become a reliable partner to a growing customer-base seeking an alternative to conventional banking. With a number of innovative and competitive propositions, its portfolio ranges from a full suite of personal banking solutions to relationship management and treasury products for global markets.
With less than two years of operations, Bank Nizwa has expanded its reach, opening ten branches across Oman in Muscat, Ghoubra, Al Khoud, Barka, Nizwa, Samail, Sohar, Ibra, Sur and Salalah. As of December 31st 2014, its total assets reached OMR 253 million, representing a 29% growth over the same period in 2013 with shares traded on the Muscat Securities Market (OM: BKNZ).
Further information on Bank Nizwa is available on www.banknizwa.om.
For press inquiries and images, please contact:
Shaza Taher
TRACCS Public Relations
Telephone: +968 24 649-099
Fax: +968 24 649-088
Email: shaza.taher@traccs.net
© Press Release 2015
