Amana Bank demonstrates stability with best ever PBT of Rs.1.2 bn
View(s):Backed by its resilient model which advocates prudent risk management and governance fundamentals, Amana Bank PLC continued to navigate through turbulent times, effectively, leading to its best ever performance.
The bank recorded a Profit Before Tax (PBT) of Rs. 1.21 billion for the year 2022. In the backdrop of Sri Lanka facing unprecedented economic challenges, the bank’s 12 per cent growth in PBT from Rs. 1.08 billion recorded a year back, reflects its resilience, business agility and growing acceptance of its people centric unique value proposition.
Tax expenses rose significantly from Rs. 256 million to Rs. 419 million recording a 64 per cent increase which resulted in a Profit After Tax of Rs. 788.2 million, lower against Rs. 824.7 million in 2021, the bank said in a media release.
Despite the shortage in foreign exchange and import restrictions for the most part of 2022, through the facilitation of imports of essential items, the bank succeeded in growing its Net Fee and Commission Income by a commendable 87 per cent to Rs. 750.3 million as opposed to Rs. 401.9 million in the previous year. After providing for higher impairment, in order to mitigate risks of those businesses most vulnerable to economic shocks, the bank’s Net Operating Income grew by 18 per cent to reach Rs. 4.72 billion from Rs. 4.01 billion in 2021.
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