In its latest rating review, Fitch Ratings Lanka has affirmed the National Long-Term Rating of Amãna Bank at BB(lka) with a Stable outlook.  The global rating agency has commended the Bank’s asset quality, which remained relatively better in comparison to its peers whilst also maintaining an above industry CASA (Current Accounts and Savings Accounts) ratio of over 50% as of June 2017.

Commenting on the Bank’s future outlook, the Fitch Ratings communiqué said “We expect the bank's profitability metrics to improve in the medium term relative to better-rated peers as it capitalizes on existing infrastructure and enhances its franchise, leading to a lower cost to income ratio.”

According to Fitch, a rating upgrade for Amãna Bank is contingent upon the expansion of the Bank's franchise and improved and sustained financial profile, in particular, achieving profitability levels that are similar to higher-rated peers.  At the end of 1H 2017, the Bank achieved a Profit After Tax of Rs. 151.7 million, which reflected a growth of 170% from the results achieved in the corresponding period of 2016.

Sharing his views on the rating affirmation, the Bank’s Chief Executive Officer Mohamed Azmeer said “We are happy to have the Bank’s long term national rating affirmed immediately after meeting the Regulatory Capital requirement of Rs. 10 Bn which was met ahead of the deadline of 1 January 2018. This was achieved by way of a Rights Issue that was successfully completed with an oversubscription in July 2017. With the recent capital infusion the Bank’s is on a strong footing to expand our operations further in line with the 5 year strategic plan whilst increasing value to our shareholders which will reflect positively on the Bank’s rating in future.”

Amãna Bank is the country’s first Licensed Commercial Bank to operate in complete harmony with the globally growing non-interest based banking model. With the mission of Enabling Growth and Enriching Lives, the Bank reaches out to its customers through a growing network of 28 branches and 4000+ ATM access points and has introduced a bouquet of customer conveniences such as Internet & Mobile Banking, Online Account Opening, Debit Card with SMS alerts, 365 Day Banking, Saturday Banking, Extended Banking Hours, 24x7 Cash Deposit Machines and Banking Units Exclusively for Ladies.

The Bank was recognized as the Best ‘Up-and-Comer’ Islamic Bank of the World by ‘Global Finance Magazine’ at the 18th Annual World’s Best Banks Award Ceremony held in Washington DC, USA. The Bank was also bestowed the coveted title ‘Islamic Finance Entity of the Year 2016’ at the inaugural Islamic Finance Forum of South Asia Awards Ceremony.