Amana Bank’s resilience continues with 44% growth in Mid-Year PBT

Asgi Akbarally and Mohamed Azmeer

Amana Bank continued its upward performance trend by recording a 2023 Mid-Year Profit Before Tax (PBT) of LKR 802.8 million, reflecting a substantial growth of 44% in comparison to LKR 556.9 million booked a year back.

Owing to its resilient performance the Bank in Q2 alone achieved a YoY PBT growth of 122% to reach LKR 379.4 million from LKR 171.2 million. Despite accounting for higher taxes, the Bank went on to achieve a half yearly Profit After Tax (PAT) of LKR 419.6 million corresponding to a healthy growth of 16%, whereas in Q2 the Bank’s PAT grew by 79% from LKR 111.3 million to LKR 198.9 million.

The Bank maintained its robust top-line performance through the first half of 2023, posting an 80% growth in Financing Income from LKR 4.85 billion to reach LKR 8.75 billion.

As a result the Bank’s Financing Margin improved to 4.8% from 3.6% to end the first half with a Net Financing Income of LKR 3.36 billion, reflecting a 68% YoY increase.

The Bank’s Total Operating Income grew by a significant 66% to reach LKR 4.47 billion, with Net Fee and Commission Income and Net Trading Income contributing LKR 474.4 million (66% YoY growth) and LKR 622.9 million (47% YoY growth) respectively.

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