Al Amanah Islamic Investment Bank of the Philippines reported a net loss of P24.74 million in 2014, representing a 50-percent improvement from net loss totaling P49.569 million the year before.
The bank also reported higher interest income of P18.657 million, up 7.21 percent from P17.401 million a year earlier.
So-called other income similarly went up to P29.475 million, a 213-percent jump from P9.397 million in 2013.
Total income rose 79.6 percent, to P48.131 million from P26.798 million, while total expenses dropped by 4.5 percent, to P72.872 million from P76.366 million.
Capital expenditures also declined by 11.24 percent, to P38.656 million from P43.553 million in 2013.
Commission on Audit (COA) Director III Officer in Charge Agnes Marcelo said the bank’s business implementation plan for 2014, aimed at improving its financial condition, was not fully realized.
“This indicated a continued slow recovery from accumulated losses that may hinder the sale of ownership of the bank to qualified strategic third-party investors,” according to the COA.
Meanwhile, the Bangko Sentral
ng Pilipinas (BSP) supports the initiative to amend the charter of Al Amanah Bank.
According to Oxford Business Group, the proposed amendments included provisions that will authorize the government to allow other Islamic banks to operate in the country in the future and further enhance the ability of Al Amanah to offer Islamic products and services.
The BSP is committed to greater
Islamic banking and finance activities as part of the larger agenda to achieve total financial inclusion in the country.