Amana Bank declares inaugural dividend for FY18
Amana Bank announced an interim dividend of seven cents per share for the Financial Year 2018.
The dividend will be paid on July 16, 2018. The bank’s inaugural dividend declaration works out to a dividend yield of around two percent at current market prices, which is relatively comparable to the overall market dividend yield. The bank earned a Profit after Tax of Rs.502.8 million during 2017, while Profit for 1Q18 stood at Rs.162.8 million.
Commenting on this announcement, the bank’s Chairman Osman Kassim said: “We are thankful for the confidence placed in us by our shareholders. This is just the beginning of rewarding our shareholders. We look forward to do our best to ensure our shareholders reap the benefits of their investment with Amana Bank.”
Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah based IDB Group being the principal shareholder having a 29.97 percent stake of the bank. The IDB Group is a ‘AAA’ rated multilateral development financial institution with an authorised capital base of over US$150 billion which has a membership of 57 countries.
Fitch Ratings, in June 2018, affirmed Amana Bank’s National Long Term Rating of Bb(lka) while upgrading its outlook to Positive from Stable. Amana Bank does not have any subsidiaries, associates or affiliated institutions representing the bank.