Amãna Bank records monthly profits with 85% growth in net financing income

Amãna Bank, Sri Lanka’s only licensed commercial bank operating sans interest, has commenced recording monthly operating profits since August 2014.

According to the quarterly financial statements released recently to the Colombo Stock Exchange, the bank’s topline performance has also showcased an impressive growth for the first nine months of 2014.

The bank has achieved a Financing Income of Rs. 1,798 million showcasing a growth of 43% from the corresponding period of last year, whilst Net Financing Income has recorded a growth of 85% to reach Rs. 900 million. The bank achieved a total operating income of Rs. 1,215 million, indicating a growth of 58% for the same period.

As a result of the growing popularity and acceptance of the bank’s unique business proposition, the bank’s advance and deposit portfolios have recorded a significant growth during the nine months ending 30 September 2014.

Total advances recorded a growth of 31% to reach Rs. 19,668 million while total deposits recorded a growth of 46% to reach Rs. 26,302 million, demonstrating the strengthening of customer confidence.

Speaking on the business performance, the Bank’s Chief Executive Officer Mohamed Azmeer said: “I am very happy to note the performance of the bank, especially considering the challenging environment. In the first nine months of 2014 we have seen an impressive growth momentum from all business segments, which include Consumer, SME and Corporate Banking along with Treasury operations. As a result of this momentum, the bank has been able to achieve a break-even level of profitability on a monthly basis since August 2014. We hope to continue this positive trend in line with our plans.”

Apart from the impressive financial performance, Amana Bank was also recently recognized as the World’s Best Up-and-Coming Islamic Bank by ‘Global Finance Magazine’ at the 18th Annual World’s Best Banks Award Ceremony 2014 held in Washington DC, USA, which coincided with the annual IMF and World Bank Conference at the same location.

Amãna Bank is the first licensed commercial bank in Sri Lanka to operate in complete harmony with the non-interest based Islamic banking model and is listed on the Diri Savi Board of the Colombo Stock Exchange.

Powered by the stability and the support of its strategic shareholders including, Bank Islam Malaysia Berhad, AB Bank in Bangladesh and The Islamic Development Bank based in Saudi Arabia, Amãna Bank is making strong inroads within the Sri Lankan banking industry and is focused on capitalising the growing market potential for its unique banking model across the country.

http://www.ft.lk/2014/11/25/amana-bank-records-monthly-profits-with-85-growth-in-net-financing-income/