Amãna Bank profits up 26% crosses Rs. 1 Bn

Amãna Bank continued its strong financial performance as it closed the 9 months ending 30 September 2024 with a Profit Before Tax of LKR 1.98 billion, reflecting a 18% YoY increase compared to LKR 1.68 billion recorded for the corresponding period of 2023.

Showcasing a 26% YoY growth, Profit After Tax grew from LKR 891 million to cross the LKR 1 billion mark and close at LKR 1.12 billion.

With financing rates declining across the banking industry in a bid to spur economic growth, the Bank’s financing income closed at LKR 11.70 billion.

However, by maintaining a strong financing margin of 4.1%, the Bank posted a Net Financing Income growth of 6% YoY to reach LKR 5.13 billion compared with LKR 4.85 billion posted in the corresponding period in 2023.

The Bank’s Total Operating income stood at LKR 6.50 billion, marginally lower by 4% from last year. With a robust recovery mechanism in place and renewed customer engagement, the Bank was able to reduce its impairment charges by 73%, due to which Net Operating Income improved by 16% YoY to close at LKR 6.11 billion.

The Bank’s aggregate tax contribution of approx. LKR 1.57 billion accounted for a significant 58% of the Bank’s Operating Profit before all taxes. The Total Comprehensive Income for the period was LKR 1.10 billion, reflecting a healthy YoY growth of 24%.

Amãna Bank Chairman Asgi Akbarally stated “In a quarter in which the entire country’s focus was primarily on the Presidential election, Amãna Bank, despite a challenging environment, once again showcased its resilience to post a strong financial performance on key matrices.”

Amãna Bank Managing Director/CEO Mohamed Azmeer stated “With optimism, we look forward to end 2024 with a stronger performance as we continue our mission of enabling growth and enriching lives.”

Following the increased acceptance for non-interest based banking, the Bank’s advances and deposits portfolios grew significantly during the 9 months ending 30 September 2024. Promoting its development focused banking approach, customer advances grew by 16% or LKR 15 billion to surpass the LKR 100 billion milestone.

Posting a healthy 9 month growth of 10%, customer deposits closed the third quarter at LKR 145.72 billion, with a strong CASA ratio of 42.3% setting an industry benchmark.

The Bank’s Total Assets stood at LKR 172.52 billion whereas Net Asset Value per Share improved to LKR 41.40.

Source: Daily News