Amana Bank has declared its seventh consecutive annual dividend, marking its highest payout to date, totaling Rs. 661 million. This represents a significant doubling of the dividend compared to 2023. The bank announced an Interim Cash Dividend of Rs. 1.20 per share to its shareholders, with a total of 551,125,746 ordinary shares issued as of September 30, 2024. Since 2018, Amana Bank’s dividend declarations have exceeded Rs. 2 billion.
Amana Bank Chairman, Asgi Akbarally, expressed his satisfaction, stating, “Following strong performance in 2023 and throughout the first half of 2024, we are proud to deliver value to our shareholders with our seventh consecutive dividend. We are committed to further enhancing shareholder returns as we explore new growth opportunities.”
The bank’s Managing Director/CEO, Mohamed Azmeer, also commented, “Amana Bank’s solid and resilient performance has enabled us to almost double our dividend payout from last year. With promising growth ahead, especially after our recent rating upgrade to BBB-(lka), we are confident in maintaining this positive trajectory and continuing to reward our shareholders.”
In the first half of 2024, Amana Bank reported a Profit Before Tax (PBT) of Rs. 1.35 billion, reflecting a 68% year-on-year growth. The Profit After Tax (PAT) amounted to Rs. 763.4 million, an 82% increase from Rs. 419.6 million in 2023. Fitch Ratings recently upgraded the bank’s national long-term rating from BB+(lka) to BBB-(lka), with a stable outlook.