Sri Lanka’s Amãna Bank March 2015 net Rs23mn

COLOMBO (EconomyNext) – Amãna Bank said it made a net profit of 23.0 million rupees for the first quarter of 2015 compared with a loss of 49.3 million rupees in the March 2014 quarter.

Financing income of the Sri Lankan Islamic bank grew 10 percent to 661 million rupees while financing expenses grew 4.7 pct to 305 million rupees, resulting in net financing income rising 15.2 percent to 356 million rupees, a stock exchange filing said.

A company statement said growth momentum was continuing after it had its first profitable quarter in the fourth quarter of 2014.

It said net operating income grew by 29.9 percent to 449.0 million rupees, mainly attributable to the growth in net financing income and gains from trading activities.

Net fee and commission income rose 19.8 percent to 34 million rupees in the March 2015 quarter from a year ago while net gain from trading shot up 130 percent to 74 million rupees.

“The bank has remained focused in building its advances portfolio whilst maintaining its quality through effective credit risk management policies and procedures,” the statement said.

This resulted in the bank recording a gross non performing advances ratio of 1.52 percent.

The bank surpassed the 30 billion rupee mark in customer deposits during the March 2015 quarter.

Amãna Bank’s main shareholders include Bank Islam Malaysia Berhad, AB Bank in Bangladesh and The Islamic Development Bank based in Saudi Arabia.

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