Amana Bank gets Fitch Rating of BB+

Tuesday, 27 October 2020 01:54 - - {{hitsCtrl.values.hits}}

In their latest rating review carried out in October 2020, Fitch Ratings Sri Lanka has affirmed Amãna Bank’s National Long Term Rating at BB+, a rating upgrade the agency bestowed the Bank earlier in June 2020. The rating outlook remains Stable.

Fitch also outlined the factors that could lead to positive rating action or upgrade, mainly emphasising the need to sustain the improvement in the Bank’s financial profile in addition to enhancing its franchise.

Commenting on the rating affirmation, Amãna Bank Chief Executive Officer Mohamed Azmeer said, “We are happy to note the rating affirmation which comes at a time when the Bank is operating in a challenging environment further aggravated by the COVID-19 pandemic. This demonstrates Amãna Bank’s resilience and tenacity where it successfully overcame unforeseen challenges faced during the last 18 months. The Bank also continues to maintain better asset quality through lower non-performing advances compared to the industry. This, along with other factors that contributed to the Bank’s sustained growth, is a result of strong acceptance of its unique banking model amongst the general public.”

Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah based IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. Amãna Bank does not have any subsidiaries, associates or affiliated institutions, other than the ‘OrphanCare’ Trust.