Amana Bank continues profit momentum (Daily Mirror (Sri Lanka))

Having recorded its first profitable quarter in 4Q 2014, Amana Bank continued its good form in 1Q 2015 by recording a profit before tax of Rs.23.0 million compared to the loss before tax of Rs.49.3 million recorded in the corresponding period of 2014.

As per the financials released to the Colombo bourse, the bank sustained growth in its top line performance with net financing income showcasing a growth of 15 percent to reach Rs.355.7 million, while achieving total operating income of Rs.464.1 million, a growth of 23 percent from the corresponding period of last year. The bank’s top line performance was supported by a 3.2 percent growth in total assets to stand at Rs.36.0 billion from Rs.34.9 billion achieved in the financial year 2014.

Amana Bank is the first Licensed Commercial Bank in Sri Lanka to operate in complete harmony with the non-interest-based Islamic banking model and is listed on the Diri Savi Board of the Colombo Stock Exchange. The bank was recently recognized as the World’s Best ‘Up-and-Comer’ Islamic Bank by ‘Global Finance Magazine’ at the 18th Annual World’s Best Banks Award Ceremony 2014 held in Washington DC, USA.

Powered by the stability and the support of its strategic shareholders including, Bank Islam Malaysia Berhad, AB Bank in Bangladesh and The Islamic Development Bank based in Saudi Arabia, Amana Bank is making strong inroads within the Sri Lankan banking industry and is focused on capitalizing the growing market potential for its unique banking model across the country.