Amãna Bank continued its positive growth trajectory into 2018 with a strong Q1 performance of 144% YoY growth in profit after tax, recording Rs 162.8 million against Rs 66.6 million posted in Q1 2017. The successful quarter saw the Bank’s profit before tax increase to Rs 226.1 million from Rs 92.5 million recorded an year ago.
Continuing to strengthen its core banking income, the Bank posted a 41% YoY growth in Net Financing Income to close the quarter at Rs 791.3 million, which led to a healthy increase in the Bank’s Financing Margin to 4.6%. The Bank’s Net Fee and Commission Income grew by 24% to record Rs 71.7 million. Net Operating Income grew by a commendable 26% to Rs. 857.7 million during the period despite making impairment provisions of Rs 104.1 million. Having maintained the increase in operating expenses within 6%, the Bank was able to record a significant 85% YoY Growth in Operating Profit Before VAT and NBT to close the quarter at Rs 323.0 million.
During the period, the Bank grew its total assets to Rs 67 billion. The Bank’s core banking business continued its upward trend as customer deposits and advances recorded steady progress, closing the quarter at Rs 53.1 billion and Rs 44.8 billion respectively.
Commenting on its Q1 results, the Bank’s Chief Executive Officer Mohamed Azmeer said “I am confident that this performance will give added impetus for the rest of the year, ensuring our alignment to the targets set out in our 5 year strategic plan. Reciprocating them through strong results continues to be our utmost priority.”
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