Fitch affirms Amana Bank’s National Long-Term Rating

19 October 2017 12:19 am - 0     - {{hitsCtrl.values.hits}}

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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 percent 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 percent 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 billion 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.”

 

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