Amana Bank gets CB extensions to beef up capital

31 August 2015 03:14 am Views - 1202

Amana Bank PLC, the only licensed bank in the country carrying out operations under the principles of Islamic banking said it had received extensions from the Central Bank to beef up its capital base.

Accordingly the bank will get time to comply with the minimum capital requirement of Rs.5 billion by January 1, 2016, Rs.7.5 billion by January, 1 2017 and Rs.10 billion by January 1, 2018. 

The bank’s core capital or Tier 1 capital stood at Rs.4.66 billion as at June 30, 2015.

In the first half ended June 2015, the bank returned to profits with a net profit of Rs.71 million against Rs.135 million net loss in the corresponding six months of the previous year.