Amana Bank shows 44 % growth in 1H2023
View(s):Amana Bank continued its upward performance trend by recording a 2023 Mid-Year Profit Before Tax (PBT) of Rs. 802.8 million, reflecting a substantial growth of 44 per cent in comparison to Rs. 556.9 million booked a year back.
Owing to its resilient performance despite the challenging economic environment, the bank in Q2 alone achieved a YoY PBT growth of 122 per cent to reach Rs. 379.4 million from Rs. 171.2 million. Despite accounting for higher taxes, the bank went on to achieve a half yearly Profit After Tax (PAT) of Rs. 419.6 million corresponding to a healthy growth of 16 per cent, whereas in Q2 the bank’s PAT grew by 79 per cent from Rs. 111.3 million to Rs. 198.9 million, it said in a media release.
The bank maintained its robust top-line performance through the first half of 2023, posting an 80 per cent growth in Financing Income from Rs. 4.85 billion to reach Rs. 8.75 billion, which was well supported by effective deployment of funds and timely re-pricing of advances and liabilities. As a result the bank’s Financing Margin improved to 4.8 per cent from 3.6 per cent to end the first half with a Net Financing Income of Rs. 3.36 billion, reflecting a 68 per cent YoY increase.
The bank posted a growth of 57 per cent in Operating Profit Before VAT on Financial Services and Social Security Contribution Levy for H1 to reach Rs. 1.23 billion compared to Rs. 0.78 billion achieved a year back. Total Comprehensive Income for the period stood at Rs. 387.2 million reflecting a healthy YoY growth of 38 per cent.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!