Amãna Bank declares Interim Scrip Dividend 

Amãna Bank, having previously paid two continuous cash dividends in 2018 and 2019, has announced an Interim Scrip Dividend of eight cents per share for the Financial Year 2020, in line with the latest directions of the Central Bank to all banks on restricting cash dividends. 

The Scrip Dividend, which totals over Rs. 200 million from the bank’s retained earnings, is issued in proportion of one share for approximately every 25 shares held in the bank, which is valued at Rs 2 per share. Once the Scrip Dividends are issued, the bank’s shares will increase by 100,055,621 shares to reach 2,601,446,155 shares, the bank said in a media release.

Commenting on the dividend declaration, Amãna Bank’s Chairman Osman Kassim said, “Owing to our resilient performance amidst the challenging environment that prevailed in 2019 which continued in 2020 with the COVID-19 pandemic, we are pleased to announce our third consecutive dividend as part of our value creation strategy for our shareholders. Despite these unprecedented times in the country, we are happy to have been able to continue rewarding our shareholders with this Scrip Dividend for the confidence they have placed in us.”

The bank earned a Profit Before Tax of Rs. 844.8 million and Profit After Tax of Rs. 460.9 million during 2019, while Profit Before Tax and Profit After Tax for Q1 2020 stood at Rs. 180.2 million and Rs. 129.8 million respectively.