Amana Bank records best ever quarterly performance in Q1 2022
Amana Bank PLC recorded its best ever quarterly performance since inception recording an impressive 78% YoY growth in Profit Before Tax (PBT) and a 92% YoY growth in Profit After Tax (PAT).
This remarkable performance within the quarter amidst an environment of economic challenges was enabled through double digit growth, both in deposits and advances which testifies once again to the resilience and growing acceptance of the Bank’s unique people friendly banking model. Having surpassed the Rs 1 billion PBT, milestone in record time in 2021, Amana Bank continued its positive trend into Q1 2022 with a PBT of Rs 385.8 million and a PAT of Rs 250.7 million compared to PBT of Rs 217.1 million and PAT of Rs 130.6 million booked in Q1 2021.
The double digit growth in both Customer Advances and Customer Deposits was aided by the Bank’s strong focus on the SME segment, which is the most vital sector in driving economy growth and revival. With Customer Deposits crossing the Rs 100 billion milestone during Q1 2022, the Bank went on to achieve a sound growth of 10% in deposits to close at Rs 106. billion, while Customer Advances closed the quarter at Rs 86.7 billion, reflecting an impressive three-month growth of 14%.
Owing to its advances growth being well supported by a healthy financing margin of 3.5%, the Bank’s Net Financing Income grew by a solid 26% YoY to close the quarter at Rs 1.1 billion compared to Rs 891.9 million achieved during the corresponding period of 2021. Commenting on its Q1 2022 performance, the Bank’s Managing Director/CEO Mohamed Azmeer said “I am humbled and honoured by the Bank’s remarkable Q1 performance, which is our best quarterly performance to date, especially considering that same has been achieved during challenging period marred by economic uncertainties.”
Chairman of Amana Bank Asgi Akbarally said “In gratitude for the trust and confidence placed towards the Bank, we would like to affirm that Amana Bank along with the support and engagement of our committed staff are steadfast to stand by and support our customers to overcome this period of economic adversities, by understanding their needs and providing equitable financial solutions, which currently is a matter of national importance, and thereby contribute towards ensuring a better tomorrow for everyone.”