Alizz Islamic Bank Reports Strong Second Quarter Results
MUSCAT, Sultanate of Oman: Alizz Islamic Bank (AIB) has announced its second quarter results for 2017. The growth of the numbers is in line with the banks operating strategy to emhace the Islamic banking offering in the Sultanate.
The Bank's financing receivables reached OMR 386.95 million registering a growth of 56.21% when compared to the same period last year and growth of 23.71% from the end of 2016. The deposits grew by OMR 213.02 million from the same period last year, representing a growth of 100.31% and by OMR 134.35 million from the end of 2016 to reach OMR 425.38 million.
Net operating income grew by 19.39% when compared with the same period last year to reach OMR 5.26 million. Due to the increase in income, stringent cost controls and strong monitoring of credit quality, the net loss of the bank reached OMR 2.04 million.
The Bank has achieved solid growth in core business activities and the credit quality of the financing portfolio remains strong.
The Bank launched its new enhanced mobile & internet banking platforms which have been positively received by customers through their overwhelming feedback. The Bank also opened a branch in Barka, while two other branches are in the process of being opened in other parts of the Sultanate which will take the number of branches to 10 by the end of the year.
Commenting on the results, the Honorable Salaam Al Shaksy, CEO of Alizz Islamic Bank, said, "The outstanding performance of Alizz Islamic Bank is reflected in the results. Overall, Oman's Islamic financial institutions are showing robust growth with the value of gross assets accounting for more than 10% of market share of the total banking industry in the Sultanate. At Alizz Islamic Bank we believe in leading this growth and cementing our position as Oman's most innovative bank by providing shari'a compliant solutions that cater to both individual and corporate customers."
Within a short period of time, Alizz Islamic Bank has consolidated its presence within the Omani banking industry offering over 35 products that cater to the needs of both corporate and retail customers and the bank is committed to reinforce its position as the most innovative Islamic financial institution in Oman.