Amãna Bank Bank’s Profit Before Tax (PBT) doubled or grew by 102% YoY to reach LKR 505.7 million from LKR 250.5 million recorded in H1 of 2020. Profit After Tax (PAT) for the same period significantly grew by 70% to reach LKR 289.3 million in comparison to LKR 170.4 million achieved a year ago.
In Q2 alone PBT and PAT grew YoY by 310% to LKR 288.6 million and 291% to LKR 158.6 million respectively from the corresponding quarter of 2020.The first half of 2021 also saw an 11% increase in Customer Advances to close at LKR 69.4 billion, thereby showing signs of gradual improvement in economic activity while Customer Deposits grew by 9% to close at LKR 90.9 billion.
The growth in customer deposits was achieved whilst maintaining a healthy CASA ratio of 46%.
Bank’s NPA continued to remain below the industry average where Gross NPA and Net NPA stood at 3.9% and 1.2% respectively, owing to prudent portfolio management and prompt customer engagement. The Bank’s Total Assets during the 6 months grew by 9% to close at LKR 108.7 billion as at 30 June 2021.
As a result of its growth in advances aided by a healthy financing margin of 3.9%, the Bank’s Net Financing Income grew significantly by 34% YoY to close mid-year at LKR 2.0 billion, of which Rs 1.1 billion was contributed from Q2 alone. Net Operating Income after accounting for impairment closed at LKR 1.97 billion (up YoY by 14%) and LKR 1.03 billion (up YoY by 32%) for H1 and Q2 respectively. Following the Bank’s ongoing effort to keep a close tab on its costs, which resulted in a 4% reduction in Operating Expenses in comparison to H1 2020, the Bank recorded an impressive 74% YoY growth in Operating Profit before VAT on Financial Services to reach LKR 709.3 million, of which LKR 400.5 million came in Q2.
The Bank’s aggregate tax contribution for the first half, amounting to LKR 420.0 million accounted for 59% of the Bank’s Operating Profit before all taxes.
Chief Executive Officer Mohamed Azmeer said “Having resiliently withstood the challenges posed by the Covid-19 pandemic, I am happy to note that Amãna Bank has come back strong to record remarkable numbers in terms of both profitability and asset growth during the First Half of 2021.” On 1 August 2021, Amãna Bank completed 10 successful years, during a period in which the Bank crossed the milestone of LKR 100 billion in Total Assets, while enabling growth and enriching the lives of over 380,000 customers.