Amãna Bank shows profit of Rs. 121.2 mln against last year’s Rs.168.7 mln loss
View(s):Amãna Bank is continuing its upward profitability momentum by recording a Q3 profit of Rs. 50.6 million following its Q1 and Q2 profit of Rs. 23.1 million and Rs. 47.5 million, respectively. The bank’s Operating Profit before Value Added Tax for the nine months ended 30 September 2015 increased to Rs. 225.2 million, a bank media release said.
“Bolstered by strong growth in revenue and effective cost management the profit of Rs. 121.2 million recorded for the first nine months of 2015, demonstrates a significant improvement of Rs. 290 million when compared with the loss of Rs.168.7 million posted in the corresponding period of 2014,” it said.
The bank said its top line recorded impressive growth with “Financing Income reaching Rs. 2 billion while Net Operating Income stood at Rs 1.4 billion”. Commenting on the Bank’s performance to date, CEO Mohamed Azmeer stated “I am happy to note that the bank has been successful in achieving four successive quarters of profits, starting from Q4 in 2014. This promising upward trend resulting in higher than anticipated profits is owing to the revenue growth achieved by the bank demonstrating the unique value proposition of its model and gaining widespread acceptance”.