Wednesday, 14 May 2014

Amana bank reports quarterly loss

By J. Kurukulasuriya
Ceylon FT: Amana Bank a relative newcomer to the country's banking sector, (established in 2009), showed a 126% leap in 'net financing income' to Rs 308 million, but reported a loss of Rs 49 million for the quarter ended 31 March 2014, as compared to a quarterly loss of 72 million in 2013.

Net gains from trading were down 51% to Rs 32 million. Personnel expenses rose 33%, and other operating expenses 31%.


The bank reported that its core capital adequacy ratio, as a percentage of risk weighted assets (minimum requirement, 5%) was 18.4% at 31 March 2014.

The stated capital of the bank is Rs 5,866 million. The main shareholders of the company are Bank Islam Malaysia Berhad and AB Bank Ltd., both with 14.44%, Tea Exporter – Akbar Brothers Pvt Ltd., with 9.98%, and Islamic Development Bank with 9.62%. Expolanka Holdings holds 7.22%. Among individuals, Nagi Saleh Mohammed Al Faqih has 2.99%. Of the directors, Kevin Mark Pocock (alternate director to Harsha Amarasekera, PC) holds 27,084,302 shares.

The shares traded between Rs 7.10 and Rs 5 during the quarter.

The percentage public holdings is 40% of the shares.
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