Amana Bank achieves BBB+ investment grade rating

Wednesday, 19 February 2025 00:06 - - {{hitsCtrl.values.hits}}

Amana Bank has been assigned a long-term investment-grade rating of BBB+ with a Stable Outlook by Lanka Rating Agency (LRA) following its initial rating assessment.

LRA is an independent credit rating agency approved by the Central Bank of Sri Lanka. According to LRA’s communiqué, the rating reflects the Bank’s strong asset quality, enhanced capitalisation, and consistent growth and performance over the years, when compared to other banks in its category.

As of Q3 2024, Amana Bank recorded an industry-low stage 3 impairment ratio of 1.4%, underscoring its robust credit risk management. The Bank also achieved an impressive CASA ratio of 42.3%, setting a benchmark for the industry.

Commenting on the milestone, Amana Bank Chairman Asgi Akbarally stated: “This rating achievement comes at a time when the Bank is reaffirming its position as a trusted and resilient financial institution. It not only reflects our financial strength and sustainable growth but also opens new opportunities to further expand our footprint and enhance our offerings, paving the way for greater value creation for all our stakeholders.”

Amana Bank’s Managing Director/CEO Mohamed Azmeer said: “We are honoured to receive yet another investment-grade rating, this time from LRA, which underscores the Bank’s stability and resilience. This recognition reflects our strong performance across key metrics and our ability to set new industry benchmarks. These ratings further strengthen our position and pave the way for future growth and expansion.”

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