Amãna Bank recorded another successful half year of banking operations by achieving a Profit Before Tax of Rs 78 million for the six months ending 30 June 2016, despite challenging and competitive market conditions.
Financing Income for the first six months improved remarkably by 35.7% to Rs 1.8 Billion indicating the Bank’s strong top line performance in its core banking activities, predominantly focusing on SMEs. Of this, Rs 950.9 million was recorded in Q2 2016 showcasing a significant growth of 40.7% in comparison to the corresponding achievement in 2015. Net Financing Income from core banking activities in 1H, grew year-on-year by 23.5% to reach Rs 866.3 million.
The Bank also recorded Rs 98.3 million in Net Fee and Commission Income during the first half reflecting a year-on-year growth of 35.2%.
Net Operating Income for the first six months surpassed the 1 billion mark to close the half at Rs 1.1 Billion, growing by 19.2% from 1H 2015. The Bank’s Total Assets grew during 1H to read at Rs 52.4 billion while its Deposit and Advance portfolios continued its upward trend ending at Rs45.4 billion and Rs 36.7 billion respectively. Despite the growth in advances and gradual seasoning of the asset book, the Bank continued to maintain an industry low Gross Non-Performing Advances Ratio of 0.95%.
Chief Executive Officer Mohamed Azmeer said, “the results achieved reflect the growing confidence the customers have placed in our people friendly banking model for which I am sincerely thankful. I am optimistic that this performance trend will continue for the second half of the year as we make steady progress to achieve the goals outlined in our 5 year strategic plan, with the core focus being SMEs.”
Financing Income for the first six months improved remarkably by 35.7% to Rs 1.8 Billion indicating the Bank’s strong top line performance in its core banking activities, predominantly focusing on SMEs. Of this, Rs 950.9 million was recorded in Q2 2016 showcasing a significant growth of 40.7% in comparison to the corresponding achievement in 2015. Net Financing Income from core banking activities in 1H, grew year-on-year by 23.5% to reach Rs 866.3 million.
The Bank also recorded Rs 98.3 million in Net Fee and Commission Income during the first half reflecting a year-on-year growth of 35.2%.
Net Operating Income for the first six months surpassed the 1 billion mark to close the half at Rs 1.1 Billion, growing by 19.2% from 1H 2015. The Bank’s Total Assets grew during 1H to read at Rs 52.4 billion while its Deposit and Advance portfolios continued its upward trend ending at Rs45.4 billion and Rs 36.7 billion respectively. Despite the growth in advances and gradual seasoning of the asset book, the Bank continued to maintain an industry low Gross Non-Performing Advances Ratio of 0.95%.
Chief Executive Officer Mohamed Azmeer said, “the results achieved reflect the growing confidence the customers have placed in our people friendly banking model for which I am sincerely thankful. I am optimistic that this performance trend will continue for the second half of the year as we make steady progress to achieve the goals outlined in our 5 year strategic plan, with the core focus being SMEs.”
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