Amãna Bank makes turn around

Amãna Bank recorded its first year of core business profits in 2015 sustaining its trend in profitability which commenced in Q4, 2014. According to the financials published, the Bank recorded Rs. 218.7 million as Profit Before Tax for the year ended 2015 which marks a remarkable turnaround when compared to the pre-tax loss of Rs. 80.2 million posted in 2014, a growth of 372.5%.

The Bank's top line recorded commendable growth with financing income reaching Rs. 2.9 billion in 2015 while increasing its Net Financing Income by 22.4% to Rs.1.5 billion. Net Operating Income surpassed Rs.2.0 billion for the year ended December 31, 2015 reflecting a growth of 31.1%. Through various initiatives for cost containment the Total Operating Expenses incurred were contained to a YoY increase of 7.5% to record Rs.1.7 billion.

The Bank's growing popularity and acceptance resulted in a 32.1% growth in Customer Deposits during the year to reach Rs. 38.6 billion and a 30.1% growth in Customer Advances to reach Rs. 33.1billion. Such growth enabled the Bank to grow total assets by 37.2% after it closed at Rs. 47.9 billion.

Another key highlight during 2015 was the non- performing advances (NPA) ratio which through continuous follow up was contained right throughout the year to ensure that the asset quality was not compromised. As such, the Gross NPA ratio recorded at the close of 2015 was 0.92% which continues to be one of the lowest in the banking and finance industry.

Founder Chairman Osman Kassim said, "The setting up of Sri Lanka's first Islamic Bank was once only a vision and a dream. I am indeed delighted today to witness the success and the realisation of this vision. I thank the staff, Management Committee, CEO and the Board of Directors for their dedication and perseverance."

"The growth and profitability Amãna Bank has achieved within a short period will indeed honour and strengthen the confidence placed on us by the government, the regulator and the shareholders. We have just crossed the first milestone in our journey. I am confident and eager about the future, where Amãna Bank will rise to its full potential and contribute to the country's economy while believing in 'superior customer service' as its mantra to succeed," he said.