Amana Bank’s Q3 2017 pre-tax profit triples
View(s):After recently doubling its capital to over Rs 10 billion, Amãna Bank reinforced the confidence of its shareholders by tripling its Q3 2017 pre-tax profit to reach Rs. 186.1 million as against Rs. 62.9 million in Q3 2016.
For the nine months ending 30 September 2017, the bank recorded pre-tax profit of Rs. 397 million showcasing a significant YoY growth of 181 per cent from Rs. 140.9 million achieved in the corresponding period of 2016, the bank said in a media release.
Post tax profit for the same period grew by 163 per cent YoY to Rs. 266.8 million from Rs 101.4 million achieved a year ago. Despite doubling the bank’s number of shares as a result of the rights issue in July, the bank was successful in recording a 119 per cent YoY growth in its EPS whilst Net Assets Per Share stood at Rs 4.56 against the market price of Rs. 3.80 as at 30 September 2017.
Commenting on the performance to date, bank CEO Mohamed Azmeer, stated; “I am pleased to witness the bank’s successful performance during the first three quarters of 2017. This promising upward trend is owing to the revenue growth achieved by the bank demonstrating the unique value proposition of its model whilst gaining widespread acceptance. The avenues of growth, reflects our focus of being a retail and SME bank as well as adapting to new technological innovations in line with the bank’s 5 year strategic plan”.