SPECTRUM OF GROWTH
Annual Report 2024
Contd.
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Annual Report 2024
A SPECTRUM OF GROWTH
In a year defined by progress and promise, we celebrate the strides we have taken as a Bank leveraging on our strong track record of resilience towards optimising our growth potential. Achieving an investment grade Fitch rating of BBB- with a stable outlook is not merely a milestone but a reflection of the solid foundation we have built, guided by values that remain steadfast amidst evolving landscapes.
Our journey mirrors the dynamic nature of a kaleidoscope—each shift revealing new patterns, driven by a harmony of enduring principles and forward-looking strategies in line with our people friendly and development focussed banking approach. From fostering a culture that prioritises
our team’s well-being to integrating robust technology and sustainable practices, we continue to expand our horizons.
Our spectrum of growth is more than the achievements we celebrate today; it is a vision for tomorrow, where every perspective contributes towards different possibilities and opportunities for a prosperous future - Enabling Growth and Enriching Lives!
CONTENTS
About Amãna Bank PLC
About the Report
Vision, Mission & Values
Our Journey
Board of Directors
Independent Sharia Supervisory Council
Profiles of Strategic Shareholders
Management Committee
Assistant Vice Presidents
Senior Managers
2024 at a Glance
Financial Highlights
Non-Financial Highlights
Contribution to National Development
Event Highlights
Leadership Reviews
Chairman’s Message
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Managing Director/CEO’s Review
Strategy and Focus
Business Model
Stakeholder Engagement
Materiality
Strategic Commitments
Approach to Sustainability
Management Discussion and Analysis
Operating Environment
Business Reviews
- Business Banking
- Retail Banking
- Treasury
Report on Sharia Supervision
Capital Management Reports
- Financial Capital
- Manufactured Capital
- Intellectual Capital
- Customer Capital
- Human Capital
- Natural Capital
- Social Capital
- Capital Trade-offs
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10
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24
26
27
30
32
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48
54
56
62
67
68
74
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81
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98
103
112
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118
Chairman’s 38 Message
Managing Director/ 48 CEO’s Review
Event 34 Highlights
Business 54 Model
Business 77 Reviews
Annual Report 2024
Governance | ||
Corporate Governance Report | 120 | |
Bank’s Compliance with Prudential Requirements | 168 | |
Directors’ Statement on Internal Control over Financial Reporting | 171 | |
Independent Assurance Report on Directors’ | ||
Statement on Internal Control Over Financial Reporting | 173 | |
Annual Report of the Board of Directors on the Affairs of the Bank | 175 | |
Directors’ Interest in Contracts | 182 | |
Board Audit Committee Report | 183 | |
Board Integrated Risk Management Committee Report | 187 | |
Board Human Resources and Remuneration Committee Report | 190 | |
Board Nomination and Governance Committee Report | 191 | |
Board Related Party Transactions Review Committee Report | 194 | |
Statement of Directors’ Responsibility | 196 | |
Independent Sharia Supervisory Council Report | 198 | |
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RahjPd ~upM Nkw;ghu;;;it rig mwpf;if | 200 | |
Sharia Governance Report | 201 | |
Risk Management Report | 206 | |
Financial Reports | ||
Independent Auditor’s Report | 234 | |
Statement of Profit and Loss | 238 | |
Statement of Comprehensive Income | 239 | |
Statement of Financial Position | 240 | |
Statement of Changes in Equity | 242 | |
Statement of Cash Flows | 243 | |
Notes to the Financial Statements | 244 | |
Supplementary Information | ||
Ten Years at a Glance | 314 | |
Compliance with Disclosure Requirements of Central Bank of Sri Lanka | 318 | |
Market Discipline Disclosure Requirements | 326 | |
Investor Relations | 338 | |
Correspondent Banks | 342 | |
Glossary of Banking and Financial Terms | 346 | |
Branch Network Information | 352 | |
Notice of Annual General Meeting | 355 | |
Notes | 356 | |
Form of Proxy | 359 | |
Corporate Information | Inner Back Cover | |
Corporate
Governance
Report
Annual Report of the Board of Directors on the Affairs of the Bank
Independent
Sharia
Supervisory
Council Report
Statement of
Profit and Loss
Ten Years at a Glance
120
175
198
238
314
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Annual Report 2024
ABOUT THE REPORT
The Integrated Annual Report for 2024 is the 3rd Integrated Report prepared by Amãna Bank PLC. The current report demonstrates how the Bank is striving to fulfill its purpose of creating measurable and sustainable value for all stakeholders. In this regard, the report narrative has been developed along with supporting quantitative and qualitative performance indicators to enable stakeholders to determine the Bank’s ability to create and preserve sustainable value over time.
AMÃNA BANK’S INTEGRATED REPORTING PROCESS
FRAMEWORK: CONTENT ELEMENTSReporting Boundary:
1 January 2024 to 31 December 2024
Strategic Focus and Future Orientation
Consistency | and |
Comparability
Organisational
Overview and External
Environment
Connectivity | |
Governance | of |
Information
Opportunities | Business Model |
and Risks |
Reliability
and
Completeness | Performance | Future |
Outlook |
Strategy and
Resource
Allocation
Stakeholder
Responsiveness
value creation over time.
Materiality and Conciseness
MATERIALITY
Material Topics, which are most significant to stakeholders, forms the basis for the preparation of its integrated report. The 16 Material Topics applicable for the current report are shown in the Materiality section on page 62.
KEY IMPROVEMENTS IN THE 2024 REPORT
- Greater Clarity in the Strategy section
- Improvements to Materiality section showing connectivity to SDGs
- Enhancing the Approach to Sustainability reporting in readiness for SLFR S1 & S2
- Restructuring the Capital Reports to bring more clarity to stakeholder outcomes
- Introduction of a dedication section highlighting Capital
Trade-offs
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Annual Report 2024
SCOPE AND BOUNDARY
This report covers the period 1 January 2024 to 31 December 2024 and includes post balance sheet events as relevant.
The information in this report – both financial and non-financial – pertains to Amãna Bank’s business model, strategy, performance and prospects.
REPORTING SUITE
Integrated Reporting
- Integrated Reporting Framework issued by the International Integrated Reporting Council
Capital Management Reports - pages 86 to 118 Strategic Commitments - page 67
ESG & Sustainability Reporting
- CSE Sustainability Reporting Guide
- United Nations Sustainable Development Goals
- Sustainable Banking Initiatives by the Sri Lanka Banks’
Association
Approach to Sustainability - pages 68 to 72 Materiality - pages 62 to 66
Stakeholder Engagement - pages 56 to 61
Financial Reporting
- Sri Lanka Accounting Standards issued by the Institute of Chartered Accountants of Sri Lanka
- Companies Act No. 07 of 2007
- Banking Act No. 30 of 1988 and its amendments Financial Statements - pages 234 to 313
Governance, Compliance and Risk Reporting
- Requirements of the Securities and Exchange Commission of Sri Lanka
- Code of Best Practice on Corporate Governance issued by CA Sri Lanka
- New Corporate Governance rules issued by the CSE
Corporate Governance Report - pages 120 to 167
Risk Management Report - page 206 to 231
Stakeholders | Strategic Commitments | Capitals |
Shareholders Regulators Customers | Business | Efficient | Digital | Financial | Manufactured | Intellectual |
/ Investors | Growth | Operations | Transformation | Capital | Capital | Capital |
Employees | Community | People | Sustainability | Customer | Human | Natural |
Development | and Corporate | Capital | Capital | Capital | ||
Social Responsibility |
Social
Capital
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Annual Report 2024
About the Report Contd.
COMBINED ASSURANCE
The integrity of the financial and non- financial information presented in the report has been validated using the combined assurance model. Internally, the Management Committee and followed by the Board Sub Committees and/or Board of Directors have assessed the reporting processes and reviewed relevant Reports to ensure that it has been prepared in accordance with the stated reporting suite.
In addition, independent external assurance has been provided by the Bank’s external auditors – Messrs Ernst & Young on the accuracy and completeness of Financial Statements for the year ending 31 December 2024. (Pages 234 to 237)
RESPONSIBILITY STATEMENT
The Board of Directors of Amãna Bank PLC is responsible for ensuring the integrity of this Annual Report. Accordingly, the Board is satisfied that the report has been prepared in accordance with the International Integrated Reporting Framework and that the report presents a comprehensiveand balanced evaluation of the Bank’s governance, strategy, risks and opportunities, performance, and future outlook. It also outlines how these factors influence Amãna Bank’s ability to create and sustain value while mitigating potential value erosion over the short, medium, and long term.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements, representing Amãna Bank’s outlook beyond 2024, including expectations regarding operating results, growth prospects, and overall business performance. While these statements are consistent with the assumptions and projections deemed reasonable at the time of publishing this report, the Bank cannot guarantee that actual outcomes will align with these expectations. Various factors, such as shifts in economic and market conditions, regulatory changes, and competitive dynamics, may impact future performance, leading to deviations from these projections.
Given these uncertainties, Amãna Bank PLC does not commit to updating or revising any forward-looking statements in the future.
Furthermore, the Bank confirms that there are no restatements related to the 2023 Annual Report or any previous reports, unless otherwise stated.
FEEDBACK
The Board welcomes stakeholder feedback on this Integrated Annual
Report and requests readers to direct all communications to:
The Company Secretary Company Secretarial Division Amãna Bank PLC
6th Floor, No. 403, Galle Road, Colombo 3, Sri Lanka.
Tel: +94 11 7757400
(Weekdays between 9 am to 5 pm)
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Annual Report 2024
VISION
To be an admired leader in providing equitable financial solutions, not limited to numerics, but also in earning the trust of our customers, employees, shareholders and country.
MISSION
To adopt a unique and people friendly approach in banking with a passion for continuous improvement, enabling growth and enriching lives.
VALUES
We believe that you have a right to be treated fairly
We believe that one should not gain at the expense of another
We believe that being responsible and ethical is as important as making profits and gains We believe that entrepreneurship should be encouraged and given a fair opportunity to succeed
We believe that the best of actions are the ones which create true happiness in people We believe that you feel the same way we do
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Annual Report 2024
OUR JOURNEY
2013 | 2015 | 2018 |
Initial Public Offer | Records Inaugural | Inaugural Dividend |
(Listed in January | Net Profit from Core | Payment which has |
2014) | Banking | since continued |
annually |
2011 | 2013 | 2014 | 2015 | 2017 | 2018 |
2011 | 2014 | 2017 |
Commencement of | Recognised as the | Successful Rights |
Banking Operations | World’s Best Up-and- | Issue with IsDB |
Coming Islamic Bank | Group acquiring | |
29.97% stake |
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Annual Report 2024
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