Amãna Bank Fitch Rating moves upward to BB+ (lka)

Monday, 15 June 2020 00:00 - - {{hitsCtrl.values.hits}}

Based on the latest rating review carried out in June 2020, Fitch Ratings Sri Lanka has revised the National Long Term Rating of Amãna Bank to BB+(lka) from BB(lka) with a Stable Outlook. Fitch Ratings has taken the rating review following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers.

Commenting on the upward revision, the Bank’s Chief Executive Officer Mohamed Azmeer said, “At a time when the entire banking industry has been challenged, we are honoured to be rated one notch higher as part of Fitch’s latest recalibration. I am thankful to all our stakeholders for continuing to have confidence in us, which underscores our growing customer deposit base having recorded a growth of 16% in 2019 and 8% in the first quarter of 2020 alone and affirm our commitment to improve the wellbeing of our customers, shareholders and the economy.”

Amãna 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 is a standalone entity which does not have any subsidiaries, associates or affiliated institutions, other than for the bank’s flagship CSR activity, the ‘OrphanCare’ Trust.