Amana Bank continued its profitability trend in first quarter 2016 by achieving a Profit Before Tax of Rs 50.5 million for the first three months ending 31 Mach 31 2016.
This is a significant growth of 119% compared to the profits earned in the corresponding period in 2015. Recording a 66% increase, the Bank’s post tax profit for the quarter stood at Rs 38.2 million from Rs 23.1 million achieved twelve months ago.
The Bank, which operates on the concept of non-interest based banking, also witnessed commendable results in its top line performance.
Financing Income continued to be impressive with a growth of 30.7% from Rs 661.1 million in Q1 2015 to Rs 864.2 million whilst Net Financing Income from core banking recorded Rs 408.5 million in Q1 2016.
Net Fee and Commission Income, through focused business strategies, increased by 38% to record Rs 47.5 million as opposed to Rs 34.4 million in the corresponding period of 2015.Net Operating Income of the Bank reached Rs 569.4 million reflecting a growth of 26.8% from Q1 2015.
Chief Executive Officer Mohamed Azmeer said this is a good start for the year 2016 and surpassing the Rs 50 billion in Total Assets well ahead of time is a very significant milestone in our journey. This sustained performance of ours is owing to our strong customer engagement, business alignment, service focus, processes improvement, cost containment and optimization of resources while managing the overall risk which is in line with our strategic plan.”
This is a significant growth of 119% compared to the profits earned in the corresponding period in 2015. Recording a 66% increase, the Bank’s post tax profit for the quarter stood at Rs 38.2 million from Rs 23.1 million achieved twelve months ago.
The Bank, which operates on the concept of non-interest based banking, also witnessed commendable results in its top line performance.
Financing Income continued to be impressive with a growth of 30.7% from Rs 661.1 million in Q1 2015 to Rs 864.2 million whilst Net Financing Income from core banking recorded Rs 408.5 million in Q1 2016.
Net Fee and Commission Income, through focused business strategies, increased by 38% to record Rs 47.5 million as opposed to Rs 34.4 million in the corresponding period of 2015.Net Operating Income of the Bank reached Rs 569.4 million reflecting a growth of 26.8% from Q1 2015.
Chief Executive Officer Mohamed Azmeer said this is a good start for the year 2016 and surpassing the Rs 50 billion in Total Assets well ahead of time is a very significant milestone in our journey. This sustained performance of ours is owing to our strong customer engagement, business alignment, service focus, processes improvement, cost containment and optimization of resources while managing the overall risk which is in line with our strategic plan.”
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