Amana Bank, despite the COVID-19 pandemic which disrupted economies around the globe, through its resilient performance continued its profitability trend in 2020.
The bank recorded a Profit Before Tax (PBT) of Rs. 250.5 million and Profit After Tax (PAT) of Rs. 170.4 million for the first half of the year whilst PBT and PAT for Q2 stood at Rs.70.3 million and Rs.40.6 million, respectively, it said in a media release.
Supported by the continuous trend in profitability, the bank in July 2020 announced its third consecutive dividend since 2018; a Scrip Dividend of eight cents per share in line with the directions issued by the Central Bank to all licensed commercial banks which restricted payment of cash dividends for the rest of the year. The Scrip Dividend, which totals over Rs. 200 million from the bank’s retained earnings, is issued in the proportion of one share for approximately every 25 shares held in the bank.
“The bank maintained a positive momentum in customer deposits throughout the period to close the first half with a deposit portfolio of Rs. 78.9 billion, reflecting a 6-month growth of 10 per cent. As a result of conscious strengthening of credit risk parameters in the backdrop of challenging market conditions, advances grew by 2 per cent to close at Rs.58.6 billion. At the end of the first half, the bank’s total assets stood at Rs. 94.2 billion, 9 per cent higher than the 2019 closing figure, resulting in the bank’s Net Asset Value improving to Rs. 4.81 per share.
Commenting on the bank’s financial performance, Chief Executive Officer Mohamed Azmeer, said: “In the backdrop of an unfavourable business environment, the drop in market rates and the moratorium owing to the COVID-19 outbreak, which impacted business profitability, I am happy to note our resilient performance. I believe the economy is in a much better position than where it was a few months ago, and I am confident this positive momentum will continue and reinforce economic development.”
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
All Ceylon Makkal Congress MP Ali Sabri Raheem had been arrested by Kalpitiya police after he surrendered to the police today morning.
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
The 22nd amendment to the constitution dealing with the term of the President has been gazetted by order of President Ranil Wickremesinghe.
Auspicious times widely followed by candidates keeping with traditions will be taken into consideration by the Election Commission in fixing the date and time for the conduct on the Presidential polls.
The Cabinet of Ministers has granted policy approval to change the wording “exceeding six years” in paragraph (b) of Article 83 of the Constitution to “exceeding five years” with reference to the President’s tenure.
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