Amãna Bank doubles profits from Q1 to Q2

Sri Lanka's pioneer non-interest based licensed commercial bank, Amãna Bank, achieved an impressive acceleration in profitability during Q2, 2015 by recording a profit of Rs. 47.5 million compared to Q1 profit of Rs. 23.0 million.

As a result, the Bank's profit for the first half of 2015 propelled to Rs.70.6 million, compared to the Loss After Tax of Rs.134.9 million recorded in the corresponding period of 2014.

The Bank's top line also showcased noteworthy performance during the six months ended June 30, by achieving a Financing Income of Rs.1,337.2 million and a Net Operating Income of Rs.950.6 million. Aided by operating efficiency and cost management initiatives, the Bank was successful in achieving an Operating Profit of Rs.142.4 million compared to the Operating Loss of Rs.112.2 million recorded in the corresponding period of 2014.

The growing advance and deposit portfolios, which stood at Rs. 28.1 billion and Rs. 33.0 billion, ensured that the Bank recorded a commendable growth in terms of top line performance and total assets.

The total asset base, which grew by 15.2% during the first half of the year, surpassed the Rs. 40 billion mark. The Bank continued to maintain a quality advance portfolio through effective credit risk management policies and procedures which resulted in the Bank recording a low Gross Non Performing Advances Ratio of 1.38%, well below the industry average. Chief Executive Officer Mohamed Azmeer said, "I am happy to note the performance and growth of the Bank achieved during this period. We owe this success to our valued customers, who have placed their confidence and trust in our Bank and our operating model. Over the past six months the employees of the Bank have worked tirelessly to put in motion our five-year strategic plan, which is now reaping the desired results. Staying on course with the strategic plan, we are expecting these numbers to further improve." 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 DiriSavi Board of the Colombo Stock Exchange.