Amana Bank declares attractive dividend for seventh successive year

• Highest dividend payout by Amana Bank 

Amana Bank yesterday announced its seventh successive annual dividend. 

This will be the highest dividend payout so far totalling Rs. 661 million which marks a doubling of the dividend payout when compared with 2023. Offering its shareholders an Interim Cash Dividend of Rs. 1.20 per share, with this latest announcement made to the CSE, the bank’s dividends declared since 2018 stands in excess of Rs. 2 billion. As of 30 September 2024, the bank has 551,125,746 ordinary shares issued. 

Commenting on this declaration, Amana Bank Chairman Asgi Akbarally said: “On the backdrop of a strong performance in 2023, which also extended across the first half of 2024, we are delighted to continue delivering value to our shareholders with our seventh successive dividend payment. We remain focused on enhancing shareholder returns as we pursue new opportunities to sustain this trend in rewards.”

Also sharing his views on the dividend announcement Amana Bank Managing Director/CEO Mohamed Azmeer said: “I am delighted that Amana Bank’s robust and resilient performance has enabled the bank to reaffirm its steadfast commitment in delivering returns to our shareholders by declaring our seventh consecutive dividend while also almost doubling our dividend pay-out from last year. With many promising growth opportunities ahead, especially after the recent rating upgrade to reach investment grade BBB-(lka), we remain confident in maintaining this strong performance trajectory and continuing to reward our valued shareholders”

During the first half of 2024 the bank posted a PBT of Rs. 1.35 billion, reflecting an impressive 68% Year-on-Year (YoY) growth while the bank’s Profit After Tax amounted to Rs. 763.4 million, a 82% increase from the Rs. 419.6 million reported last year. Fitch Ratings recently upgraded the bank’s national long-term rating from BB+(lka) to an investment grade rating of BBB-(lka), with a stable outlook.