Amãna Bank recorded its first year of core business profits in 2015 sustaining its trend in profitability which commenced in Q4 2014.
The Bank recorded Rs 218.7 million as profit before tax for the year ended 2015 which marks a remarkable turnaround when compared to the pre-tax loss of Rs 80.2 million posted in 2014 constituting a growth of 372.5%.
The Bank’s top line recorded commendable growth with financing income reaching Rs 2.9 billion in 2015 whilst increasing its Net Financing Income by 22.4% to Rs 1.5 billion for the same period. Net Operating Income surpassed Rs 2.0 billion for the year ended 31 December 2015 reflecting a healthy growth of 31.1%. Through various initiatives for cost containment the Total Operating Expenses incurred were contained to a YoY increase of 7.5% to record Rs 1.7 billion.
Founder Chairman Osman Kassim said “The establishment of Sri Lanka’s first Islamic Bank was once only a vision and a dream. So I am indeed delighted today to witness the success and the realization of this vision. We have just crossed the first milestone in our journey. I am confident and eager about the future, where Amãna Bank rises to its full potential in its contribution to the country’s economy while believing in ‘superior customer service’ as its mantra to succeed.”
Chief Executive Officer Mohamed Azmeer said achieving a pre-tax profit of Rs 218 million was not an easy feat considering the market conditions that prevailed and the numerous challenges we had to face. Yet we were able to succeed thanks to our customers and the team’s dedicated execution of the Bank’s Strategic Plan”.
www.dailynews.lk
The Bank recorded Rs 218.7 million as profit before tax for the year ended 2015 which marks a remarkable turnaround when compared to the pre-tax loss of Rs 80.2 million posted in 2014 constituting a growth of 372.5%.
The Bank’s top line recorded commendable growth with financing income reaching Rs 2.9 billion in 2015 whilst increasing its Net Financing Income by 22.4% to Rs 1.5 billion for the same period. Net Operating Income surpassed Rs 2.0 billion for the year ended 31 December 2015 reflecting a healthy growth of 31.1%. Through various initiatives for cost containment the Total Operating Expenses incurred were contained to a YoY increase of 7.5% to record Rs 1.7 billion.
Founder Chairman Osman Kassim said “The establishment of Sri Lanka’s first Islamic Bank was once only a vision and a dream. So I am indeed delighted today to witness the success and the realization of this vision. We have just crossed the first milestone in our journey. I am confident and eager about the future, where Amãna Bank rises to its full potential in its contribution to the country’s economy while believing in ‘superior customer service’ as its mantra to succeed.”
Chief Executive Officer Mohamed Azmeer said achieving a pre-tax profit of Rs 218 million was not an easy feat considering the market conditions that prevailed and the numerous challenges we had to face. Yet we were able to succeed thanks to our customers and the team’s dedicated execution of the Bank’s Strategic Plan”.
www.dailynews.lk
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