Business


Bank Nizwa incurs loss



Muscat: Bank Nizwa, the Sultanate's first Islamic bank, yesterday said the bank has incurred a net loss of OMR4.81 million for the fourth quarter of 2012, mainly due to a long delay in starting operation. As per the preliminary results announced by the bank, the bank's deposits from customers were OMR363,000. The bank's operating income was OMR8,000, while its operating expenses were OMR898,000 during the period.

The bank's shareholder's equity is OMR147.28 million, while its assets were OMR148.37 million. The board has approved the un-audited results. The bank has opened its doors to the public on January 10, 2013, but the bank had a soft opening between December 23 and 31, said the statement.

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