Amana Bank completes successful Q1 | Daily News
Financing Income up 21%:

Amana Bank completes successful Q1

CEO Mohamed Azmeer
CEO Mohamed Azmeer

Amãna Bank recorded a successful first quarter as it posted a Profit Before Tax of LKR 180.8 million and a Profit After Tax of LKR 126.6 million, despite challenging conditions that prevailed in the market.

The Bank continued its growth momentum in core banking operations during the quarter, leveraging on its strategic focus of being primarily an SME and Retail Bank. The Bank’s Financing Income for the first three months grew by 21% YoY to achieve LKR 1.8 billion, ably supported by growth in advances of LKR 4.8 billion during the same period, reflecting the increasing acceptance and demand for the Bank’s people friendly banking model.

Operating Profit before VAT, NBT and Debt Payment Levy for the same period ended at LKR 315.4 million, of which approx. 60% or LKR 188.8 million was accounted as total tax expenses, reflecting the higher taxation policy on the banking industry.

During the period, the Bank grew its Total Assets to LKR 78.1 billion.

With the overall banking industry being challenged with high non-performing advances, Amãna Bank’s Gross Non Performing Advances and Net Non Performing Advances continued to remain well below industry to stand at 2.95% and 1.02% respectively, as a result of the Bank’s asset-backed financing model, prudent credit risk management and proactive resource allocation towards effective collections.

Bank’s Chief Executive Officer Mohamed Azmeer said “Despite the challenging economic environment, Amãna Bank has completed a commendable first quarter, where we continued to witness increased demand for our people friendly banking services.

I am confident that this performance which has been achieved in such a backdrop will give added momentum for the rest of the year, ensuring our alignment to the targets set out in our 5 year strategic plan.”


 

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