Amana Bank PBT up by 21% to Rs. 2.8 bn

Amana Bank PLC  concluded 2024 on a strong note as the Bank recorded a Profit After Tax growth of 28% to reach Rs. 1.8 billion from Rs, 1.4 billion posted in 2023. Reflecting a healthy 21% growth, Profit Before Tax for the same period grew from LKR 2.3 billion to close at Rs. 2.8 billion.

Bank’s Net Fee and Commission income grew by 16% to cross the 1 billion milestone to close at LKR 1.1 billion.

With improvements in the operating environment and asset quality, supported by timely customer engagements, the Bank’s Impairment Charges reduced by 86% or from LKR 2.1 billion to LKR 0.3 billion, resulting in the Bank’s Net Operating Income increasing by 18% or LKR 1.3 billion to reach LKR 8.4 billion.

Despite increase in operating expenses mainly connected with the Bank’s drive to expand its reach and related expenses, the Bank maintained a cost to income ratio of 53%, resulting in an 18% increase in Operating Profit before VAT on Financial Services and Social Security Levy to Rs. 3.8 billion from Rs. 3.2 billion in 2023.

The Bank’s aggregate tax contribution of Rs. 2.0 billion accounted for a significant 53% of the Bank’s Operating Profit before all taxes.Crossing the 150 billion milestones, Customer Deposits recorded a noteworthy growth of 16% or LKR 21.5 billion to close the year on Rs. 154.4 billion, while maintaining an industry high CASA ratio of 44%. The Bank’s Total Assets grew by Rs. 22.9 billion or 14% YoY from Rs. 159.5 billion in 2023 to post a solid Rs. 182.3 billion as at end-December 2024. Amana Bank declared its seventh consecutive dividend in 2024, being the highest ever dividend payout so far, totaling Rs. 661 million which marks a doubling of the dividend paid in 2023. Chairman Asgi Akbarally stated “Our continued growth, solid financial position, and recognition by credit rating agencies underscore the trust and confidence placed in us by our customers and stakeholders.”

Managing Director/CEO Mohamed Azmeer said, “Our performance reflects the Bank’s unwavering focus on customer-centricity, prudent risk management, and operational excellence.”

 Source:Daily News