Recording its best ever quarterly performance, Amana Bank PLC continued its strong profitability trend in 2023 as it closed the nine months ending 30 September 2023 with a Profit Before Tax (PBT) of LKR 1.68 billion reflecting a significant 78% YoY growth from LKR 940.0 million posted a year back.
The Bank in Q3 alone accounted for an all-time high quarterly PBT of LKR 874.0 million which is an impressive 128% growth against LKR 383.0 million achieved in Q3 of 2022.
This performance was a result of the Bank’s continued support towards SME, Corporate and Retail sectors facilitating their needs while adding value to the economy at this crucial juncture where the country’s economic revival is taking shape.
After a total tax pay out of 65%, the Bank achieved a 9-month Profit After Tax (PAT) of LKR 891.5 million, up by 48% from LKR 600.5 million posted last year. The Bank’s Q3 PAT grew by a notable 98% to LKR 471.9 million from LKR 238.5 million.
Net Fee and Commission Income and Net Trading Income posted were LKR 701.4 million (36% YoY growth) and LKR 1.17 billion (83% YoY growth) respectively, resulting in the Bank’s Total Operating Income to grow by a significant 58% to reach LKR 6.74 billion. Despite providing for a higher level of impairment, the Bank grew its Net Operating Income by 51% to reach LKR 5.29 billion from LKR 3.49 billion reported 12 months back.
The Bank posted a commendable YoY growth of 92% in Operating Profit Before all taxes to reach LKR 2.54 billion compared to LKR 1.32 billion achieved a year back.
Bank saw its Customer Deposits growing by LKR 15.8 billion or 14% during the nine months to close the quarter with a portfolio of LKR 128.3 billion.
The Bank’s Total Assets as at the end of 30 September 2023 stood at LKR 148.3 billion, while Shareholders Funds exceeded LKR 15 billion.
Bank’s Managing Director/CEO Mohamed Azmeer said “Amana Bank’s remarkable performance in Q3 stands as a testament to our resilience in the face of a challenging environment. With optimism, we look forward to end 2023 with an even better performance as we continue our mission of enabling growth and enriching lives.”
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