Amana Bank demonstrates stability and resilience

Business

Amana Bank has successfully continued its growth trajectory to record a Profit Before Tax of Rs. 940 million for the nine months ending 30 September 2022, up 28 per cent YoY growth compared to the 2021 corresponding period of Rs. 736.3 million, despite a challenging economic environment.

The bank’s Profit After Tax for the same period reflected a 39 per cent YoY growth to reach Rs. 600.5 million.

During the 9-month period, the bank’s Financing Income grew by 44 per cent to Rs. 8.09 billion. Owing to policy rate changes resulting in higher cost of deposits and lower financing margin, the bank’s Net Financing Income stood at Rs. 3.10 billion.

In his comments on the results, the bank’s Managing Director/CEO Mohamed Azmeer said: “In line with Central Bank directives and guidelines, the bank continued to play a key role in stimulating economic recovery by supporting our customers at all levels. Thanks to our unique model of banking which is development focussed, we stand protected and unexposed to many of the elements which continue to challenge the entire banking industry.”

Despite headline inflation increasing in the recent past, where it increased from 66.7 per cent in August to 73.7 per cent in September, the bank contained the increase in its operating expenses to 14 per cent.

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