Amãna Bank records resilient performance in Q3
Mohamed Azmeer- Chief Executive Officer of Amana Bank
Deposits and assets grow by 12% and 10%
Amana Bank, through its resilient core banking performance, recorded a Profit Before Tax (PBT) of LKR 389 million and a Profit After Tax (PAT) of LKR 250 million for the nine months ending September 30, 2020. In comparison to the previous quarter which was impacted by the first wave of the pandemic, Amãna Bank has been able to bounce back by virtually doubling its profits in Q3, where PBT grew to LKR 139 million from LKR 70 million recorded in Q2 while PAT in Q3 went up to LKR 80 million from LKR 41 million in Q2.
Demonstrating strength, stability and resilience the Bank continued to maintain a strong momentum in customer deposits during the 9 months closing with a portfolio of LKR 80 billion reflecting a growth of 12% while also improving its CASA ratio to 43% which is one of the highest CASA ratios in the industry. The Bank’s total assets stood at LKR 95 billion, 10% higher than the 2019 closing figure. As a result of conscious strengthening of credit risk parameters in the backdrop of challenging market conditions, advances grew modestly by 3% to close at LKR 60 billion. The Bank continued to maintain a healthy asset portfolio with non performing ratios being well below industry averages where Net NPA and Gross NPA closed at 1.7% and 4.1% respectively. The Bank’s Q3 2020 comprehensive income grew to LKR 191 million recording a 37% increase against the Q3 2019 performance of LKR 140 million.
During the quarter the Bank continued its annual dividend journey by declaring its 3rd consecutive dividend, which was in the form of a scrip dividend this year. This increased the Bank’s number of shares to 2.6 billion resulting in the Bank’s Net Asset Value standing at LKR 4.70 per share. Strengthening the Bank’s position as a growing and stable franchise, Fitch Ratings Sri Lanka in its October 2020 review affirmed the Bank’s National Long Term Rating at BB+(lka) with a Stable Outlook.
Oil prices rise as Saudi Arabia pledges output cuts – Opec+
Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices.
Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and Opec+ said targets would drop by a further 1.4 million bpd from 2024.
Opec+ accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.
The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.
Total production cuts, which Opec+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak.
Opec+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2% of global demand.
Manpower services agency wins accolades for its contribution to foreign employment sector
Its MD says. ‘go abroad only if you can work hard’
Siraj Manpower Services, one of Sri Lanka’s leading foreign employment agencies, was honoured with the Three-Star Award at the ‘Golden Awards’ 2023, organised by the Sri Lanka Bureau of Foreign Employment (SLBFE). This award ceremony was organised to honour foreign employment agencies that have made a significant contribution to the development of the foreign employment sector, which is a major source of foreign exchange for Sri Lanka. Siraj Cafoor, Managing Director of Siraj Manpower Services, was presented with the award at the award ceremony which was held at the BMICH in Colombo under the patronage of Minister of Foreign Employment and Labour Manusha Nanayakkara.
Having been established in 2002, Siraj Manpower Services (www.sirajmanpower.lk) has earned a reputation in the field of foreign employment by winning the trust of customers for more than 20 years. It has been offering job opportunities in the Middle East countries such as Kuwait, Qatar, Dubai and Saudi Arabia, and Malaysia as housekeepers, drivers, sanitation workers, labourers and also jobs related to the apparel industry. All these workers are entitled to approved salary scales certified by the SLBFE.
“We always stand for the safety of workers who go abroad through our organisation. We work to solve the problems that arise in relation to the contracts that the workers have entered into. I must mention something special to those who go abroad for employment. That is, you should keep in mind that you go abroad only to work. Go abroad only if you can work hard. You have to remember that you are going abroad to earn some more money and achieve the advancement of your family.” said Siraj Cafoor.
Direct flights between Istanbul and Katunayake to commence from August
A special discussion between Turkish Ambassador – Demet Sekercioglu and Minister of Ports, Shipping and Aviation – Nimal Siripala de Silva took place last week at the ministry office. The aim of the discussion was to seek authorization to commence direct flights from the Turkish Capital Istanbul to Katunayake, Sri Lanka. The Chief of Turkish Airlines’ South Asia Office Fathi Bozkurt was also present during the discussion.
Currently, Turkish Airlines connects with Sri Lanka through a route that includes a stopover in the Maldives, resulting in an additional travel time of one and a half hours. The delay caused by this routing is not favored by travelers, as emphasized by the Ambassador.
The Chief of Turkish Airlines requested for time and space to be allocated in order to initiate direct flights between Istanbul and Katunaike, thus providing convenience for Turkish tourists and travelers who prefer visit Sri Lanka.
The Minister announced that the request would be forwarded to the Director General of the Civil Aviation Authority of Sri Lanka and the Airport and Aviation Services (Sri Lanka) (Private) Limited. The aim is to establish direct flights between Istanbul and Katunayake starting from August this year.
Turkish Airlines, a renowned airline with a fleet of over 100 aircraft, offers flights connecting Europe’s Vancouver and New York. The Chief of Turkish Airlines said that the new service would not only benefit European travelers but also encourage them to travel to Sri Lanka.
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