Amãna Bank total assets cross Rs.100 bn
View(s):Amãna Bank crossed the Rs. 100 billion mark in total assets as at YE2020, a milestone bearing evidence to its accelerated growth, which comes in a context where the bank has completed only 9 years in banking operations.
In the face of the COVID-19 pandemic related challenges, the bank said it showcased strong resilience specially during the first three quarters of the year and has bounced back strongly in Q4 with a remarkable 51 per cent growth in pre-tax profit recording Rs. 372.1 million compared to Rs.246.2 million in Q4 2019.
The bank media release said that post-tax profit for the same period stood at Rs. 213.3 million. In comparison to Q3 2020, the bank’s pre-tax and post-tax profits grew significantly by 168 per cent and 167 per cent respectively in Q4 2020. As a result of its resurgent Q4 performance, the bank, for the 12 months of 2020, reported Rs.761.4 million as profit before tax and Rs.463.7 million as profit after tax. Profit after tax of 2020 is higher than the Rs. 460.9 million reported in 2019, the release said.
Commenting on the bank’s performance, its chairman Asgi Akbarally said: “Despite the turbulent economic environment that we have all come to associate in the year 2020, Amãna Bank was able to record healthy results showcasing strong resilience, thanks to the underlying strengths of our business model, balance sheet and strong capital position. I am thankful to my fellow Board of Directors, recently retired Founder Chairman Osman Kassim and other retired directors, Senior Management and Staff for their commitment and dedication to achieve this commendable performance. I am also thankful to the Central Bank of Sri Lanka for their swift and timely action in various aspects.”
Bank CEO Mohamed Azmeer said he believed the pandemic presented an opportunity to demonstrate Amana Bank’s true purpose to support customers, businesses, communities and the nation at all times, which was “well demonstrated by our engaged and energetic team, to whom I am really grateful”.