Amãna Bank ended an exceptional first half as the Bank’s profit after tax for the period almost tripled to Rs 151.7 million from Rs 56.1 million achieved in the corresponding period of 2016. Profit before tax also reflected a similar YoY growth of 170% to reach Rs 210.8 million.
Profit after tax for the second quarter alone surged by 376% (YoY) to achieve Rs 85.1 million from Rs 17.8 million recorded in Q2 2016.
Driven by its retail and SME banking activities, the Bank’s top line performance showcased a remarkable YoY growth of 39% in Financing Income to achieve Rs 2.52 billion in the first half while Net Financing Income for the same period grew YoY by 38% to reach Rs 1.19 billion.
The Bank recorded a 14% growth in Net Fee and Commission Income to reach Rs 112.1 million. Net Operating Income of the Bank reached Rs 1.37 billion reflecting a healthy growth of 21.3% from 1H 2016.
The increase in Total Operating Expenses was maintained within 3.5% when compared with 1H 2016. The Bank’s financing margin ended higher at 3.9% compared to 3.6% in 2016.
During the first half the Bank’s Total Assets grew by 4.3% to close at Rs 56.64 billion while its Deposits and Advance portfolios closed at Rs 49.15 billion and Rs 40.02 respectively.
With effective credit risk management policies and procedures in place, the Bank continued to maintain a healthy Gross Non-Performing Advances Ratio of 1.47%, well below the industry average.
Having recorded its first year of core business profit in 2015, the Bank was successful in achieving a positive position in its reserves for the first time to close at a net reserve position of Rs 75.9 million. As a result the Bank’s Net Asset Value per share grew during the 6 months from Rs 4.63 to close at Rs 4.75.
Commenting on the Bank’s performance CEO Mohamed Azmeer said, “I am extremely pleased with the performance achieved by the Bank during the first half of 2017, thereby continuing to maintain the growing trend of income and profitability. The remarkable growth in income and profits were achieved amidst the capital raising activities, which we successfully concluded in our recently oversubscribed rights issue. With fresh capital infused which thereby supports our future expansion, I am optimistic that this performance trend will grow during the second half of the year as we make strong progress to achieve the goals outlined in our five-year strategic plan.”
The Bank recently succeeded in raising Rs 4.75 billion through its Right Issue which will result in the Bank’s Stated Capital growing to Rs 10.6 billion.
www.dailynews.lk
Profit after tax for the second quarter alone surged by 376% (YoY) to achieve Rs 85.1 million from Rs 17.8 million recorded in Q2 2016.
Driven by its retail and SME banking activities, the Bank’s top line performance showcased a remarkable YoY growth of 39% in Financing Income to achieve Rs 2.52 billion in the first half while Net Financing Income for the same period grew YoY by 38% to reach Rs 1.19 billion.
The Bank recorded a 14% growth in Net Fee and Commission Income to reach Rs 112.1 million. Net Operating Income of the Bank reached Rs 1.37 billion reflecting a healthy growth of 21.3% from 1H 2016.
The increase in Total Operating Expenses was maintained within 3.5% when compared with 1H 2016. The Bank’s financing margin ended higher at 3.9% compared to 3.6% in 2016.
During the first half the Bank’s Total Assets grew by 4.3% to close at Rs 56.64 billion while its Deposits and Advance portfolios closed at Rs 49.15 billion and Rs 40.02 respectively.
With effective credit risk management policies and procedures in place, the Bank continued to maintain a healthy Gross Non-Performing Advances Ratio of 1.47%, well below the industry average.
Having recorded its first year of core business profit in 2015, the Bank was successful in achieving a positive position in its reserves for the first time to close at a net reserve position of Rs 75.9 million. As a result the Bank’s Net Asset Value per share grew during the 6 months from Rs 4.63 to close at Rs 4.75.
Commenting on the Bank’s performance CEO Mohamed Azmeer said, “I am extremely pleased with the performance achieved by the Bank during the first half of 2017, thereby continuing to maintain the growing trend of income and profitability. The remarkable growth in income and profits were achieved amidst the capital raising activities, which we successfully concluded in our recently oversubscribed rights issue. With fresh capital infused which thereby supports our future expansion, I am optimistic that this performance trend will grow during the second half of the year as we make strong progress to achieve the goals outlined in our five-year strategic plan.”
The Bank recently succeeded in raising Rs 4.75 billion through its Right Issue which will result in the Bank’s Stated Capital growing to Rs 10.6 billion.
www.dailynews.lk
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