Amãna Bank continues profit momentum in Q1, records strong growth in deposits | Daily News


Amãna Bank continues profit momentum in Q1, records strong growth in deposits

CEO, Mohamed Azmeer
CEO, Mohamed Azmeer

Amãna Bank achieved a commendable Q1 performance in 2020, which saw its customer deposits grow by Rs 5.4 billion or by 8% to close the quarter at Rs 77.0 billion. As a result of conscious strengthening of credit risk parameters in the backdrop of challenging market conditions, advances grew only by 1% to close at Rs 58.4 billion.

The growth in customer deposits is a strong indication of the growing customer confidence and demand for the Bank’s people-friendly banking model. The growth also reflects the Bank’s effort in increasing its reach through strategic partnerships and collaborations, resulting in the Bank having one of the largest networks for deposits with 750+ access points across the Island.

Owing to the increase in customer deposits, the Bank’s Total Assets surpassed the Rs 90 billion mark to read at Rs 91.6 billion resulting in the Bank’s Net Asset Value improving to Rs. 4.78 per share.

Despite the challenging economic conditions which continued, Amãna Bank has been successful in maintaining its profit momentum in Q1 2020, recording a Profit Before Tax of Rs 180.2 million which remained flat when compared with the Q1 2019 figure of 180.8 million. Profit After Tax was recorded as Rs 129.8 million which saw a 3% increase from Q1 2019. The PAT includes the benefit of tax concessions that were offered for the current year as part of reforms to banking sector taxation.

The Bank also continued to maintain a healthy asset portfolio with non performing ratios being well below industry averages, where Net NPA and Gross NPA stood at 1.8% and 4.0% respectively.

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