Dar es Salaam. In line with its continued growth and performance, Amana Bank is expected to increase its number of branches from seven to 10 by end of this year.
Currently, five of its branches are in Dar es Salaam, one in Arusha and the other one in Mwanza.
It will soon open its eighth branch in Tanga.
The bank said in its statement yesterday that to ease its customer access to various services, it had continued to invest heavily in alternative delivery channels including mobile banking, internet banking and agency banking.
According to unaudited accounts for the year ended December 31, 2017, Amana Bank posted a net profit of Sh1.96 billion after income tax, nearly double when compared with the profit recorded in 2016.
The good performance was attributable to the bank’s efforts to diversify revenue sources by introduction of more services to its customers and enhancing the efficiency through cost management initiatives.
The bank increased its financing income to Sh18.6 billion from Sh17.9 billion earned in 2016 and its non-funded income from Sh4.8 billion recorded in 2016 up to Sh5.3 billion.
On a quarterly basis, the bank earned a profit after income tax of Sh571 million during the fourth quarter of the last year from Sh553 million recorded during the similar quarter in 2016.
Customer deposits increased to Sh161 billion in the fourth quarter last year compared with Sh157 billion mobilised in the similar quarter 2016, while assets rose to Sh205 billion from Sh197 billion.
The bank report has also showed reduced rate of nonperforming financing of 6 per cent which was a 20 per cent drop from that recorded during the third quarter.
To top it off, the bank has recently introduced its new Amana Mastercard which enables customers to access service in a much wider range of ATM network.
It also allows its customers to use the card in various merchant shops and supermarkets locally and internationally. Customers will also be able to use their cards at any Mastercard accepted POS abroad and easily perform online purchases.
Amana Bank is the first fully Shari’ah compliant bank in Tanzania established since 2011, offering products that address the needs of not just Muslims, but everyone in the country who demands professional, transparent and ethical banking products and services.