Amana Bank PLC (PB 3618 PQ)
Interim Financial Statements
31 December 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.
Amana Bank continues robust performance in 2024
- Advances grow by 24% with industry low Stage 3 Impairment
- Deposit up by 16% with industry high CASA of 44%
- PBT up by 21% to close at LKR 2.8 billion as PAT grows 28% to reach LKR 1.8 bn
Amana Bank PLC continued its robust performance to conclude 2024 on a strong note as the Bank recorded a Profit After Tax growth of 28% to reach LKR 1.8 billion from LKR 1.4 billion posted in 2023. Reflecting a healthy 21% growth, Profit Before Tax for the same period grew from LKR 2.3 billion to close at LKR 2.8 billion.
This strong bottom-line performance was achieved despite the impact of declining market rates. The Bank maintained a healthy financing margin of 4.0%, resulting in the Bank's Net Financing Income improving by 6% to reach LKR 6.9 billion from LKR 6.5 billion a year ago.
Driven by trade volumes generated from our valued SME and Corporate customers as well as increased digital transactions and other value-added services, the Bank's Net Fee and Commission income grew by 16% to cross the 1 billion milestone to close at LKR 1.1 billion. In the backdrop of excess USD liquidity in the market and the resultant drop in premium, the Bank reported a Trading Income of LKR 0.7 billion. With improvements in the operating environment and asset quality, supported by timely customer engagements, the Bank's Impairment Charges reduced by 86% or from LKR 2.1 billion to LKR 0.3 billion, resulting in the Bank's Net Operating Income increasing by 18% or LKR 1.3 billion to reach LKR 8.4 billion.
Despite increase in operating expenses mainly connected with the Bank's drive to expand its reach and related expenses, the Bank maintained a cost to income ratio of 53%, resulting in an 18% increase in Operating Profit before VAT on Financial Services and Social Security Levy to LKR 3.8 billion from LKR 3.2 billion in 2023. The Bank's aggregate tax contribution of LKR 2.0 billion accounted for a significant 53% of the Bank's Operating Profit before all taxes.
As a result of the growing demand for Bank's people friendly banking model, Customer Advances grew significantly by 24% or LKR 21.6 billion as it crossed the 100 billion mark, ending the year with a portfolio of LKR 111.3 billion compared to LKR 89.7 billion in 2023. This performance was achieved while continuing to have one of the lowest industry-wide Stage 3 Impaired financing ratio of 1.3% owing to the Bank's effective risk management and underwriting framework, driven by its unique people friendly and development focused approach.
Crossing the 150 billion milestone, Customer Deposits recorded a noteworthy growth of 16% or LKR
21.5 billion to close the year on LKR 154.4 billion, while maintaining an industry high CASA ratio of 44%. The Bank's Total Assets grew by LKR 22.9 billion or 14% YoY from LKR 159.5 billion in 2023 to post a solid LKR 182.3 billion as at end-December 2024.
The Bank's Return on Equity and Return on Assets improved to 8.0% and 1.6%, respectively. Further, Amana Bank's Common Equity Tier 1 ratio stood at 15.0%, whilst Total Capital ratio was at 17.6%, well above the regulatory minimum requirement of 7% and 12.5% respectively.
In 2024, a key milestone further validating the Bank's financial strength was Fitch Ratings Sri Lanka upgrading Amana Bank's national long-term rating from BB+(lka) to an investment-grade rating of
BBB-(lka) with a stable outlook-unlocking new opportunities for growth and expansion that benefit all stakeholders. Further cementing the Bank's stability and growth potential, Lanka Rating Agency in their initial assessment, assigned Amana Bank a national long-term rating of BBB+ with a stable outlook. Demonstrating its strength and industry leadership, Amana Bank was ranked among the World's Top 25 Strongest Islamic Banks by The Asian Banker, rising to 24th place from 37th in 2023.
Towards creating value to its shareholders, Amana Bank declared its 7th consecutive dividend in 2024, being the highest ever dividend payout so far, totalling LKR 661 million which marks a doubling of the dividend paid in 2023.
Commenting on the Bank's 2024 performance Chairman Asgi Akbarally stated "Against the backdrop of an improving operating environment and economic conditions, Amana Bank has once again delivered a strong performance, demonstrating the resilience of our unique banking model. Our continued growth, solid financial position, and recognition by credit rating agencies underscore the trust and confidence placed in us by our customers and stakeholders. I extend my sincere appreciation to my fellow Directors, our management, and staff for their dedication and commitment, as well as to our customers and shareholders for their unwavering trust and support. As we move forward, we remain committed to driving sustainable growth while delivering value to all those we serve."
Also sharing his views Managing Director/CEO Mohamed Azmeer said "With improving economic conditions, Amana Bank has been able to accelerate its growth momentum, surpassing key milestones and strengthening our market position. Our performance reflects the Bank's unwavering focus on customer-centricity, prudent risk management, and operational excellence. I would like to extend my heartfelt gratitude to our Chairman and Board of Directors for their guidance and oversight, our management and staff for their relentless efforts, and our shareholders, customers, and valued partners for their continued trust and confidence. We are excited about the opportunities that lie ahead as we continue to expand our reach and enhance our value proposition, ensuring we remain a trusted financial partner for our customers."
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 of the Bank. The IsDB Group is a '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 was recognized amongst the Top 25 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.
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF PROFIT OR LOSS
FOR THE | YEAR ENDED | QUARTER ENDED | ||||||||
31 DECEMBER | 31 DECEMBER | |||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||
(Rs. '000) | (Rs. '000) | % | (Rs '000) | (Rs '000) | % | |||||
(AUDITED) | (AUDITED) | (AUDITED) | (AUDITED) | |||||||
Financing Income | 15,399,562 | 17,238,373 | (11%) | 3,698,533 | 4,264,078 | (13%) | ||||
Financing Expenses | (8,525,273) | (10,743,450) | (21%) | (1,955,957) | (2,619,533) | (25%) | ||||
Net Financing Income | 6,874,289 | 6,494,923 | 6% | 1,742,576 | 1,644,545 | 6% | ||||
Net Fee and Commission Income | 1,077,338 | 931,311 | 16% | 284,980 | 229,859 | 24% | ||||
Net Trading Income | 693,113 | 1,765,214 | (61%) | 121,315 | 598,235 | (80%) | ||||
Net Gains / (Losses) from Financial Investments at Fair Value | 38,985 | 15,113 | 158% | 35,241 | (1,724) | (2,144%) | ||||
through Profit or Loss | ||||||||||
Net Gains / (Losses) from Derecognition of Financial Assets | (70) | 983 | (107%) | 1,350 | 864 | 56% | ||||
Net Other Operating Income | 5,990 | 2,983 | 101% | 3,207 | 864 | 271% | ||||
Total Operating Income | 8,689,645 | 9,210,527 | (6%) | 2,188,669 | 2,472,643 | (11%) | ||||
Impairment Charges | (289,613) | (2,120,743) | (86%) | 96,599 | (671,994) | (114%) | ||||
Net Operating Income | 8,400,032 | 7,089,784 | 18% | 2,285,268 | 1,800,649 | 27% | ||||
Personnel Expenses | 2,274,494 | 1,975,990 | 15% | 586,606 | 625,018 | (6%) | ||||
Depreciation and Amortisation of Property, Plant, Equipment | 321,840 | 307,603 | 5% | 82,034 | 107,426 | (24%) | ||||
and Right-of-Use Assets | ||||||||||
Other Operating Expenses | 2,012,680 | 1,587,479 | 27% | 519,582 | 392,379 | 32% | ||||
Total Operating Expenses | 4,609,014 | 3,871,072 | 19% | 1,188,222 | 1,124,823 | 6% | ||||
Operating Profit Before VAT on Financial Services and | 3,791,018 | 3,218,712 | 18% | 1,097,046 | 675,826 | 62% | ||||
Social Security Contribution Levy | ||||||||||
VAT on Financial Services | (886,820) | (797,381) | 11% | (258,617) | (9,997) | 2,487% | ||||
Social Security Contribution Levy | (117,355) | (109,139) | 8% | (34,438) | (30,461) | 13% | ||||
Profit Before Tax | 2,786,843 | 2,312,192 | 21% | 803,991 | 635,368 | 27% | ||||
Tax Expense | (1,012,177) | (925,415) | 9% | (148,663) | (140,050) | 6% | ||||
Profit for the Period | 1,774,666 | 1,386,777 | 28% | 655,328 | 495,318 | 32% | ||||
Earnings Per Share - | ||||||||||
- Basic (in Rs.) | 3.22 | 2.52 | 28% | 1.19 | 0.90 | 32% | ||||
- Diluted (in Rs.) | 3.22 | 2.52 | 28% | 1.19 | 0.90 | 32% | ||||
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE | YEAR ENDED | QUARTER ENDED | |||||
31 DECEMBER | 31 DECEMBER | ||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||
(Rs. '000) | (Rs. '000) | % | (Rs '000) | (Rs '000) | % | ||
(AUDITED) | (AUDITED) | (AUDITED) | (AUDITED) | ||||
Profit for the Period | 1,774,666 | 1,386,777 | 28% | 655,328 | 495,318 | 32% | |
Other Comprehensive Income/(Loss) | |||||||
Other Comprehensive Income not to be Reclassified to Profit or Loss in | |||||||
Subsequent Periods: | |||||||
Financial Assets - Fair Value through Other Comprehensive Income: | |||||||
Net Gain / (Loss) on Financial Assets - Fair Value through Other | 29,710 | (13,505) | 320% | 48,617 | (10,804) | (550%) | |
Comprehensive Income | |||||||
29,710 | (13,505) | (320%) | 48,617 | (10,804) | (550%) | ||
Retirement Benefit Liability | (36,125) | (5,004) | 622% | (36,125) | (5,004) | 622% | |
Deferred Tax Effect on Retirement Benefit Liability | 10,838 | 1,501 | (622%) | 10,838 | 1,501 | (622%) | |
(25,287) | (3,503) | 622% | (25,287) | (3,503) | 622% | ||
Net Comprehensive Income not to be Reclassified to Profit or Loss in | 4,423 | (17,008) | (126%) | 23,330 | (14,306) | (263%) | |
Subsequent Periods: | |||||||
Other Comprehensive Income / (Loss) for the Period Net of Tax | 4,423 | (17,008) | (126%) | 23,330 | (14,306) | (263%) | |
Total Comprehensive Income for the Period | 1,779,089 | 1,369,769 | 30% | 678,658 | 481,012 | 41% | |
1,100,431 | 888,757 | 345,113 | 501,572 | ||||
678,658 | 481,012 | 333,545 | (20,560) |
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF FINANCIAL POSITION
31 DEC 2024 | 31 DEC 2023 | Change | |
AS AT | (AUDITED) | (AUDITED) | |
% | |||
(Rs. '000) | (Rs. '000) | ||
Assets | |||
Cash and Cash Equivalents | 17,070,765 | 11,100,863 | 54% |
Balances with Central Bank of Sri Lanka | 7,078,039 | 9,446,863 | (25%) |
Placements with Banks | 38,311,690 | 42,474,570 | (10%) |
Placements with Licensed Finance Companies | 507,640 | 81 | 626,616% |
Derivative Financial Assets | 177,461 | 194,267 | (9%) |
Financial Assets Designated at Fair Value through Profit or Loss | 70,217 | 8,994 | 681% |
Financial Assets at Amortised Cost - Financing and Receivables to Other Customers | 111,301,849 | 89,658,060 | 24% |
Financial Assets Measured at Fair Value through Other Comprehensive Income | 348,711 | 319,000 | 9% |
Other Assets - Financial | 2,829,580 | 2,006,909 | 41% |
Property, Plant, Equipment And Right-of-Use Assets | 2,968,027 | 2,775,396 | 7% |
Intangible Assets | 337,563 | 379,309 | (11%) |
Other Assets - Non Financial | 510,950 | 303,034 | 69% |
Deferred Tax Assets | 824,317 | 784,430 | 5% |
Total Assets | 182,336,809 | 159,451,776 | 14% |
Liabilities | |||
Due to Banks | 18,949 | 321,167 | (94%) |
Derivative Financial Liabilities | 22,857 | 948 | 2,311% |
Financial Liabilities at Amortised Cost - Due to Depositors | 154,405,710 | 132,937,607 | 16% |
Other Liabilities - Financial | 4,099,975 | 3,391,138 | 21% |
Current Tax Liabilities | 473,465 | 722,144 | (34%) |
Dividend Payable | 99,471 | 6,326 | 1,472% |
Retirement Benefit Liability | 186,731 | 130,416 | 43% |
Other Liabilities - Non Financial | 187,790 | 245,446 | (23%) |
Total Liabilities | 159,494,948 | 137,755,192 | 16% |
Shareholders' Funds | |||
Stated Capital | 17,633,461 | 17,633,461 | - |
ESOP Reserve | 78,518 | 50,979 | 54% |
Statutory Reserve Fund | 355,174 | 266,441 | 33% |
Revaluation Reserve | 1,006,066 | 1,007,191 | (0%) |
Fair Value Reserve | 101,598 | 71,888 | 41% |
Retained Earnings | 3,667,044 | 2,666,624 | 38% |
Total Equity | 22,841,861 | 21,696,584 | 5% |
Total Liabilities and Shareholders' Funds | 182,336,809 | 159,451,776 | 14% |
Net Asset Value per Ordinary Share | 41.45 | 39.37 | |
Commitments and Contingencies | 49,602,675 | 40,739,750 | |
CERTIFICATION: | |||
I certify that these Financial Statements comply with the requirements of the Companies Act No. 07 of 2007.
============
Sgd
M. Ali Wahid
Chief Financial Officer
20 February 2025
We, the undersigned, being Chairman and Managing Director / Chief Executive Officer of Amana Bank PLC certify jointly that:-
- the above statements have been prepared in compliance with the format and definitions prescribed by the Central Bank of Sri Lanka and Rule 7.4 of Colombo Stock Exchange.
- the information contained in these statements have been extracted from the audited Financial Statements of the Bank.
Sgd | Sgd |
Ali Asghar Akbarally | Mohamed Azmeer |
Chairman | Managing Director / CEO |
20 February 2025 | 20 February 2025 |
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF CHANGES IN EQUITY
Stated | ESOP | Statutory | Revaluation | Fair Value | Retained | Total | ||||
Capital | Reserve | Reserve | Reserve | Reserve | Earnings | |||||
Fund | ||||||||||
As at 31 December 2022 (Audited) | 11,348,821 | - | 197,102 | 1,008,277 | 85,393 | 1,721,762 | 14,361,355 | |||
Profit for the Year | - | - | - | - | - | 1,386,777 | 1,386,777 | |||
Other Comprehensive Income | - | - | - | - | (13,505) | (3,503) | (17,008) | |||
Scrip Dividend - 2023 | 283,963 | - | - | - | - | (283,963) | - | |||
WHT on Scrip Dividend | - | - | - | - | - | (50,111) | (50,111) | |||
Rights Issue | 6,000,677 | - | - | - | - | - | 6,000,677 | |||
Share Issue Expenses | - | - | - | - | - | (36,085) | (36,085) | |||
Share-Based Payment Expense | - | 50,979 | - | - | - | - | 50,979 | |||
Transfers to Statutory Reserve Fund | - | - | 69,339 | - | - | (69,339) | - | |||
Transferred to Retained Earnings | - | - | - | (1,086) | - | 1,086 | - | |||
As at 31 December 2023 (Audited) | 17,633,461 | 50,979 | 266,441 | 1,007,191 | 71,888 | 2,666,624 | 21,696,584 | |||
Profit for the Year | - | - | - | - | - | 1,774,666 | 1,774,666 | |||
Other Comprehensive Income | - | - | - | - | 29,710 | (25,287) | 4,423 | |||
Share-Based Payment Expenses | - | 27,539 | - | - | - | - | 27,539 | |||
Interim Dividend 2024 | - | - | - | - | - | (661,351) | (661,351) | |||
Transfers to Statutory Reserve Fund | - | - | 88,733 | - | - | (88,733) | - | |||
Transferred to Retained Earnings | - | - | - | (1,125) | - | 1,125 | - | |||
As at 31 December 2024 (Audited) | 17,633,461 | 78,518 | 355,174 | 1,006,066 | 101,598 | 3,667,044 | 22,841,861 | |||
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF CASH FLOWS
FOR THE
YEAR ENDED 31 DECEMBER
2024 | 2023 | |||
(Rs. '000) | (Rs. '000) | |||
Cash Flows from Operating Activities | ||||
Financing Income Received | 15,707,102 | 17,935,909 | ||
Fees and Commission Received | 1,074,222 | 932,294 | ||
Financing Expenses Paid | (9,296,580) | (9,910,639) | ||
Foreign Exchange Income | 693,113 | 1,765,214 | ||
Gratuity Payments Made | (13,473) | (18,785) | ||
Payments to Employees and Suppliers | (5,230,147) | (4,384,224) | ||
Operating Profit/(Loss) before Changes in Operating Assets and Liabilities | 2,934,237 | 6,319,769 | ||
(Increase) / Decrease in Operating Assets | ||||
Financing and Receivable to Other Customers | (21,933,498) | (8,583,665) | ||
Other Assets | (1,129,559) | (479,965) | ||
Balance with Central Bank of Sri Lanka | 2,368,823 | (4,361,184) | ||
Increase / (Decrease) in Operating Liabilities | ||||
Due to Other Customers | 22,251,557 | 19,621,914 | ||
Due to Banks | (302,217) | (11,535,556) | ||
Other Liabilities | 689,896 | 1,501,531 | ||
Net Cash Generated from Operating Activities before Income Tax | 4,879,239 | 2,482,844 | ||
Income Tax Paid | (1,289,907) | (1,136,265) | ||
Net Cash (Used in) / From Operating Activities | 3,589,332 | 1,346,579 | ||
Cash Flows From/(Used In) Investing Activities | ||||
Acquisition of Property, Plant & Equipment | (257,711) | (101,651) | ||
Proceeds from Sale of Property, Plant and Equipment | 72 | 48 | ||
Acquisition of Intangible Assets | (130,399) | (118,193) | ||
Investments in Placements with Banks | (500,003) | (4) | ||
Investments in Placements with Licensed Finance Companies | 3,849,995 | (18,610,006) | ||
Financial Assets Recognised through Profit or Loss - Measured at Fair Value | 5,918 | 2,935 | ||
Dividend Received from Financial Assets | (19,192) | 65,680 | ||
Net Cash (Used in / From Investing Activities | 2,948,680 | (18,761,191) | ||
Cash Flows from Financing Activities | ||||
Rights Issue of Shares | - | 6,000,677 | ||
Share Issue Expenses | - | (86,196) | ||
Dividend Paid | (568,206) | (26) | ||
Net Cash From / (Used In) Financing Activities | (568,206) | 5,914,455 | ||
Net Increase / (Decrease) in Cash and Cash Equivalents | 5,969,806 | (11,500,157) | ||
Cash and Cash Equivalents at the Beginning of the Year | 11,107,767 | 22,607,924 | ||
Cash and Cash Equivalents at the End of the Period - Gross of Allowance for Impairment | 17,077,573 | 11,107,767 | ||
CASH AND CASH EQUIVALENTS | ||||
2024 | 2023 | |||
(Rs. '000) | (Rs. '000) | |||
Cash in Hand | 11,257,037 | 5,513,439 | ||
Balances with Banks | 5,820,536 | 5,594,328 | ||
17,077,573 | 11,107,767 | |||
Less: Allowance for Impairment | (6,808) | (6,904) | ||
Total | 17,070,765 | 11,100,863 | ||
Amãna Bank PLC (PB 3618 PQ)
NOTES TO THE FINANCIAL STATEMENTS
01. ANALYSIS OF FINANCIAL INSTRUMENTS BY MEASUREMENT BASIS
Financial instruments are measured on an ongoing basis either at fair value or at amortised cost. The summary of significant accounting policies stated in the Annual Financial Statements describes how the classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial instruments by category as defined in SLFRS 9 and by headings of the Statement of Financial Position.
RUPEES IN THOUSANDS | |||||
FAIR VALUE | |||||
FAIR VALUE | TOTAL | ||||
AMORTIZED | THROUGH OTHER | ||||
THROUGH PROFIT | |||||
COST | COMPREHENSIVE | AS AT 31.12.2024 | |||
OR LOSS | |||||
INCOME | |||||
(AUDITED) | |||||
Financial Assets | |||||
Cash and Cash Equivalents | - | 17,070,765 | - | 17,070,765 | |
Balances with Central Bank of Sri Lanka | - | 7,078,039 | - | 7,078,039 | |
Placements with Banks | - | 38,311,690 | - | 38,311,690 | |
Placements with Licensed Finance Companies | - | 507,640 | - | 507,640 | |
Derivative Financial Assets | 177,461 | - | - | 177,461 | |
Financial Assets Designated at Fair Value through Profit or Loss | 70,217 | - | - | 70,217 | |
Financial Assets at Amortised Cost - Financing and Receivables to Other Customers | - | 111,301,849 | - | 111,301,849 | |
Financial Assets measured at Fair Value through Other Comprehensive Income | - | - | 348,711 | 348,711 | |
Other Assets - Financial | - | 2,829,580 | - | 2,829,580 | |
Total Financial Assets | 247,678 | 177,099,563 | 348,711 | 177,695,952 | |
Financial Liabilities | |||||
Due to Banks | - | 18,949 | - | 18,949 | |
Derivative Financial Liabilities | 22,857 | - | - | 22,857 | |
Financial Liabilities at Amortised Cost - Due to Depositors | - | 154,405,710 | - | 154,405,710 | |
Other Liabilities - Financial | - | 4,099,975 | - | 4,099,975 | |
Total Financial Liabilities | 22,857 | 158,524,634 | - | 158,547,491 | |
FAIR VALUE | FAIR VALUE | TOTAL | |||
AMORTIZED | THROUGH OTHER | ||||
THROUGH PROFIT | |||||
COST | COMPREHENSIVE | AS AT 31.12.2023 | |||
OR LOSS | |||||
INCOME | |||||
(AUDITED) | |||||
Financial Assets | |||||
Cash and Cash Equivalents | - | 11,100,863 | - | 11,100,863 | |
Balances with Central Bank of Sri Lanka | - | 9,446,863 | - | 9,446,863 | |
Placements with Banks | - | 42,474,570 | - | 42,474,570 | |
Placements with Licensed Finance Companies | - | 81 | - | 81 | |
Derivative Financial Assets | 194,267 | - | - | 194,267 | |
Financial Assets Designated at Fair Value through Profit or Loss | 8,994 | - | - | 8,994 | |
Financial Assets at Amortised Cost - Financing and Receivables to Other Customers | - | 89,658,060 | - | 89,658,060 | |
Financial Assets measured at Fair Value through Other Comprehensive Income | - | - | 319,000 | 319,000 | |
Other Assets - Financial | - | 2,006,909 | - | 2,006,909 | |
Total Financial Assets | 203,261 | 154,687,346 | 319,000 | 155,209,607 | |
Financial Liabilities | |||||
Due to Banks | - | 321,167 | - | 321,167 | |
Derivative Financial Liabilities | 948 | - | - | 948 | |
Financial Liabilities at Amortised Cost - Due to Depositors | - | 132,937,607 | - | 132,937,607 | |
Other Liabilities - Financial | - | 3,391,138 | - | 3,391,138 | |
Total Financial Liabilities | 948 | 136,649,912 | - | 136,650,860 | |
02. FINANCING AND RECEIVABLES TO OTHER CUSTOMERS | |||||
RUPEES IN THOUSANDS | |||||
ANALYSIS OF FINANCING AND RECEIVABLES TO OTHER CUSTOMERS | 31.12.2024 | 31.12.2023 | |||
(AUDITED) | (AUDITED) | ||||
Gross Financing and Receivables to Other Customers | 117,521,906 | 95,587,204 | |||
Accumulated Impairment | |||||
Stage 1 | (1,560,406) | (1,131,910) | |||
Stage 2 | (2,233,037) | (2,675,414) | |||
Stage 3 | (2,426,614) | (2,121,820) | |||
Net Financing and Receivables to Other Customers | 111,301,849 | 89,658,060 | |||
Amãna Bank PLC (PB 3618 PQ)
NOTES TO THE FINANCIAL STATEMENTS
ANALYSIS OF FINANCING AND RECEIVABLES TO OTHER CUSTOMERS - (Contd…)
FINANCING AND RECEIVABLES TO OTHER CUSTOMERS - BY PRODUCT
RUPEES IN THOUSANDS
By Product - Domestic Currency | 31.12.2024 | 31.12.2023 | |
(AUDITED) | (AUDITED) | ||
Overdraft | 13,291,096 | 8,881,574 | |
Trade Finance | 1,992,493 | 637,338 | |
Lease Receivables | 9,126,642 | 5,551,287 | |
Staff Facilities | 1,170,618 | 715,175 | |
Term Financing | 71,397,952 | 62,347,061 | |
Gold Facilities | 11,683,154 | 11,744,010 | |
Others | 145,889 | 594,422 | |
Sub Total | 108,807,844 | 90,470,867 | |
By Product - Foreign Currency | |||
Overdraft | 757,750 | 32,586 | |
Term Financing | 5,513,572 | 3,944,462 | |
Trade Finance | 2,378,280 | 1,009,372 | |
Others | 64,460 | 129,917 | |
Sub Total | 8,714,062 | 5,116,337 | |
Total | 117,521,906 | 95,587,204 | |
03. IMPAIRMENT ALLOWANCE FOR FINANCING AND RECEIVABLES TO OTHER CUSTOMERS
A reconciliation of the allowance for impairment losses for Financing and Receivables to Other Customers, under SLFRS 9 is as follows:
RUPEES IN THOUSANDS | |||||||||
STAGE 1 | STAGE 2 | STAGE 3 | TOTAL IMPAIRMENT | ||||||
(AUDITED) | |||||||||
ECL allowance as at 1 January 2024 under SLFRS 9 | 1,131,910 | 2,675,414 | 2,121,820 | 5,929,144 | |||||
Charge/(Write Back) for the year | 428,496 | (442,377) | 304,794 | 290,913 | |||||
Amounts written off | - | - | - | - | |||||
As at 31 December 2024 | 1,560,406 | 2,233,037 | 2,426,614 | 6,220,057 | |||||
RUPEES IN THOUSANDS | |||||||||
STAGE 1 | STAGE 2 | STAGE 3 | TOTAL IMPAIRMENT | ||||||
(AUDITED) | |||||||||
ECL allowance as at 1 January 2023 under SLFRS 9 | 980,928 | 1,711,996 | 1,226,947 | 3,919,871 | |||||
Charge/(Write Back) for the year | 150,982 | 963,418 | 997,123 | 2,111,523 | |||||
Amounts written off | - | - | (102,250) | (102,250) | |||||
As at 31 December 2023 | 1,131,910 | 2,675,414 | 2,121,820 | 5,929,144 | |||||
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