Amana Bank declares 5th successive dividend; total since 2018 tops Rs. 1 b mark

Monday, 21 November 2022 00:39 - - {{hitsCtrl.values.hits}}

Amana Bank Chairman Asgi Akbarally

Amana Bank Managing Director/CEO Mohamed Azmeer

Amana Bank continued its dividend journey despite the volatile economic environment by declaring its fifth successive annual dividend, thereby totalling the bank’s dividends declared since 2018 at over Rs. 1.1 billion.

Offering its shareholders an Interim Scrip Dividend of 10 cents per share for the Financial Year 2022, the bank’s total dividend pay-out will be Rs. 269 million.

The 2022 Scrip Dividend, which is in line with the directions of the Central Bank of Sri Lanka to all banks on restricting cash dividends, is issued in the proportion of one share for approximately every 29 shares held in the bank, and is valued at Rs. 2.90 per share. Once the Scrip Dividend is concluded, the bank’s shares will increase by 92,798,317 shares to reach 2,783,949,511 shares.

Amãna Bank Chairman Asgi Akbarally said: “In line with our strategy to create value to our shareholders, we are honoured to have announced our fifth successive dividend, especially in the backdrop of unprecedented economic challenges in the operating environment. The bank’s resilient performance has enabled us to sustain the trend of rewarding our shareholders in appreciation of their longstanding confidence and trust placed in us.”

Managing Director/CEO Mohamed Azmeer said: “We commenced our dividend journey in 2018 at a time when the economy was making sound progression. Since then, despite the turbulent period that followed, Amana Bank has demonstrated resilience and has successfully continued to declare dividends. With growth prospects on the horizon, we are confident our profitability momentum, will facilitate continuous rewarding to our shareholders.”

During the nine months ending 30 September 2022, the bank recorded a Profit After Tax of Rs. 600.5 million and a Profit Before Tax of Rs. 940.0 million.