Amãna Bank records over Rs. 2.6 bln in deposits this year

Amãna Bank, Sri Lanka’s only licensed commercial bank operating entirely on a non-interest based model has made significant progress in business growth and market impact since its launch in August 2011.

In a statement looking at its growth since inception, the bank said it has recorded 188 per cent growth in customer advances and 70 per cent growth in customer deposits during the two years of its business operation. The growth momentum in 2013 has accelerated further recording over Rs 2.8 billion in customer advances growth and over Rs 2.6 billion in customer deposit customer growth.

The bank’s achievements and business growth reflects the market acceptance and potential forits unique model of banking. “Despite being impacted by the regulatory credit ceiling on all banks last year, the bank has regathered the momentum and managed to achieve substantial growth in its customer advances this year,” the statement said, adding that over 100,000 customers have accepted its banking model already and this number is growing rapidly every month.

The bank has strategically located branches and provides access through over 500 ATMs islandwide. Apart from the aggressive expansion of its branch network, the bank has launched many initiatives targeted at offering greater convenience to its customers such as, Saturday Banking, Extended Banking hours and a 24x7 deposit kiosk facilitating cash and cheque deposits. The bank will very soon introduce its own Debit Card to facilitate the payment needs of its customers, the statement said.