Amãna Bank completed a successful 2017 by achieving a Profit After Tax of Rs. 502.8 million, reflecting a remarkable YoY growth from Rs. 40.6 million in 2016. Profit Before Tax for the same period showcased a 619% growth to read at Rs. 739.3 million.
The Bank’s Financing Income for 2017 grew by Rs. 1.5 billion or 37% YoY to Rs. 5.54 billion while its Net Financing Income grew by 43% YoY to close at Rs. 2.75 billion. The Bank’s Net Operating Income after impairment charges reached Rs. 3.0 billion reflecting a healthy growth of 39% from the corresponding period of 2016. The increase in Total Operating Expenses was maintained within a commendable 5% when compared with 2016. As a result the Bank posted an Operating Profit Before VAT & NBT of Rs. 1.06 billion which was a significant increase of 290% from Rs. 271.0 million recorded a year ago.
The Bank’s Total Assets grew by a healthy 17% to close at Rs. 63.5 billion, while its Customer Advances and Customer Deposits showcased noteworthy improvements closing at Rs. 42.9 billion and Rs. 50.9 billion respectively. Amãna Bank’s Financing Margin improved to 4.2% from 3.6% recorded at the end of 2016. In addition, the Bank continued to maintain a healthy Net Non Performing Advances Ratio of 0.68%. The Gross Non Performing Advances Ratio at the close of the year stood below the industry average at 1.89%. The Bank closed the year with a Total Equity base of Rs. 11.3 billion while the Net Assets per share stood at Rs. 4.52 against the Market Price of Rs. 3.70 as at 31 December 2017.
Commenting on its 2017 performance, the Bank’s Chairman Osman Kassim said “2017 has been a landmark year for the Bank as it has been able to not only showcase a remarkable bottom-line growth but was also successful in gaining the confidence of its shareholders, who whole-heartedly supported the doubling of our capital. 29.97% of the Bank’s shareholding is now held by Jeddah based, ‘AAA’ rated IDB Group which is represented in 57 countries. I am thankful to my shareholders and fellow directors and appreciate the management and staff for their continued support and dedication. We look forward to taking this positive trend in performance in to 2018 and beyond.”
