In the backdrop of its positive performance trend, Amana Bank recently declared its 6th successive annual dividend, demonstrating the Bank’s commitment to deliver long-term value to its shareholders. With this latest announcement made to the CSE, the Bank’s dividends declared since 2018 stands in excess of LKR 1.4 billion.
Offering its shareholders an Interim Scrip Dividend of LKR 0.12 per share, Amana Bank’s 2023 dividend pay-out of LKR 334.1 million reflects a 24% increase compared to the dividend declared in 2022.
The 2023 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 23.5 shares held in the Bank, and is valued at LKR 2.40 per share. Once the Scrip Dividend is concluded, the Bank’s total number of shares will increase by 118,317,854 to reach 2,902,267,365. The value of reserves to be capitalized for the issue after accounting for withholding tax is LKR 284.0 million.
Commenting on the dividend declaration, Amãna Bank’s Chairman Asgi Akbarally said “We are delighted to have announced our sixth consecutive dividend despite the economic challenges in the country. This dividend declaration is a testament to our strong financial performance, resilient business model, and commitment to delivering shareholder value.”
Furthermore, the Bank’s Managing Director/CEO Mohamed Azmeer commented “This dividend announcement demonstrates our unwavering commitment in delivering consistent growth and returns to our shareholders. Having started our dividend journey in 2018, our resilient performance in the backdrop of challenging market conditions, has enabled us to continue growing our dividend pay-outs. With the Bank pursuing many growth prospects, we are confident of maintaining our strong performance trend and facilitate continuous rewards to our shareholders.”
The dividend pay-out reflects the Bank's robust financial health, efficient management, and prudent risk practices. Having achieved its best ever PBT of LKR 1.2 billion in 2022, Amana Bank went on to achieve a double digit growth in PBT for Q1 2023 to reach LKR 423.5 million.
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 in the Bank. The IsDB Group is a USD ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest based banking model, Amãna Banks continued to be recognized amongst the Top 100 Strongest Islamic Bank’s in the World by The Asian Banker.
Amãna Bank does not have any subsidiaries, associates, or affiliated institutions apart from its engagement with OrphanCare as its Founding Sponsor.
