Amãna Bank PBT up by 20% in Q1

Amãna Bank continued to showcase strong resilience amidst economic challenges in Q1 2021, achieving a 20 per cent YoY growth in Profit Before Tax (PBT), the bank said in a media release.

This growth was achieved in comparison to a robust pre-COVID performance made in Q1 2020. Accordingly, PBT in Q1 2021 reached Rs.217.1 million compared to Rs.180.2 million recorded in corresponding period. Profit After Tax for the same period was Rs.130.6 million.

Commenting on the performance, bank CEO Mohamed Azmeer said: “I believe the good start we achieved in 2021 will pave the way for us to record stronger numbers during the rest of the year and I am confident we are well poised to embrace the emerging opportunities especially in the SME sector, which is a key strategic focus area of the bank, thereby contributing to the revival and growth of the economy.”

Owing to its advance growth well supported by a healthy financing margin of 3.7 per cent, the bank’s Net Financing Income grew by 10 per cent YoY to close the quarter at Rs.892 million.

The bank’s customer deposits grew by Rs. 4.2 billion or 5 per cent during the quarter to close at Rs.87.7 billion.