Amana Bank’s Fitch Rating moves upward to BB+ (lka)

Business

Based on the latest rating review carried out in June 2020, Fitch Ratings Sri Lanka has revised the National Long Term Rating of Amãna Bank to BB+(lka) from BB(lka) with a Stable Outlook.

Fitch Ratings has taken the rating review following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country's issuers, the bank said in a media release.

Commenting on the upward revision, the Bank’s Chief Executive Officer Mohamed Azmeer said “At a time when the entire banking industry has been challenged, we are honoured to be rated one notch higher as part of Fitch’s latest recalibration. I am thankful to all our stakeholders for continuing to have confidence in us, which underscores our growing customer deposit base having recorded a growth of 16% in 2019 and 8% in the first quarter of 2020 alone and affirm our commitment to improve the wellbeing of our customers, shareholders and the economy.”

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