Alizz Islamic Bank fares well in second quarter

Muscat: Alizz Islamic Bank said that its financing portfolio reached OMR 247.7 million in the 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 OMR115.7 million from the same period last year representing growth of 120 per cent and by OMR50.9 million from the end of 2015 to reach OMR 212.4 million.
Net operating income grew by 90 per cent from the same period last year to reach OMR4.4 million and by 21 per cent compared to the previous quarter. Due to the increase in income, stringent cost controls and strong monitoring of financing quality, the net loss of the bank was reduced by 32 per cent to reach OMR2.1 million and reduced by 39 per cent from the previous quarter.
Capital Intelligence Ratings, an international credit rating agency, announced that it had 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, Salaam Al Shaksy, chief executive officer of Alizz Islamic Bank, said, “Such an improvement in the bank’s 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.”