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Sanasa Development Bank Ltd (SDBL) reported a pofit after tax of Rs. 345 million in 2011, up from 6.76 percent a year earlier.
The net interest income rose from Rs.1,717 million in the previous year to Rs.1,740 million in the year under review, a marginal increase due to interest rate fluctuations.
"The bank has registered impressive performance during the year 2011 by making a growth of 21% in deposits reaching Rs.15.2 billion from Rs.12.6 billion recorded during 2010. The advances portfolio indicated a growth of 33% from Rs.12.4 billion to Rs.16.5 billion.The focus was, as before, on the rural and SME sectors with a greater emphasis on the group loan system, which has shown remarkable success. Due to stringent controls, risk-management systems and collection mechanisms, our NPL portfolio ended on a strong note of just 4.5%, which puts it on par with the industry average and shows a declining trend (5.84% in the previous year and 6.62% in 2009)," SDBL General Manager/CEO Nimal Mamaduwa said.
Profit before tax declined, from Rs.646 million in the previous year to Rs.537 million. "This is attributed to overall staff salary revision and the commencement of depreciation for the new core-banking system, both of which are considered necessary investment which are expected to translate into greater degrees of efficiency resulting in a greater volume of returns over time," Mamaduwa said.
The total capital base of the bank, which stood at Rs.2,180 million at the end of 2010, improved to Rs.3,055 million at year end.
Tier I Capital continues to increase and the bank continues to improve on this in view of anticipated listing in the CSE. Tier I and Tier II capital stood at 14.48% and 14.91% as against 10% and 5% of regulatory requirement respectively.
"In view of the Central Bank directive for all banks to be listed in the Colombo Stock Exchange, the Bank focused a considerable degree of energy to streamline operations to meet this eventuality, again with the primary intention of retaining controlling power among its current stakeholders, key among who are the varied and extensive members of the larger SANASA Movement," Mamaduwa said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=51833
The net interest income rose from Rs.1,717 million in the previous year to Rs.1,740 million in the year under review, a marginal increase due to interest rate fluctuations.
"The bank has registered impressive performance during the year 2011 by making a growth of 21% in deposits reaching Rs.15.2 billion from Rs.12.6 billion recorded during 2010. The advances portfolio indicated a growth of 33% from Rs.12.4 billion to Rs.16.5 billion.The focus was, as before, on the rural and SME sectors with a greater emphasis on the group loan system, which has shown remarkable success. Due to stringent controls, risk-management systems and collection mechanisms, our NPL portfolio ended on a strong note of just 4.5%, which puts it on par with the industry average and shows a declining trend (5.84% in the previous year and 6.62% in 2009)," SDBL General Manager/CEO Nimal Mamaduwa said.
Profit before tax declined, from Rs.646 million in the previous year to Rs.537 million. "This is attributed to overall staff salary revision and the commencement of depreciation for the new core-banking system, both of which are considered necessary investment which are expected to translate into greater degrees of efficiency resulting in a greater volume of returns over time," Mamaduwa said.
The total capital base of the bank, which stood at Rs.2,180 million at the end of 2010, improved to Rs.3,055 million at year end.
Tier I Capital continues to increase and the bank continues to improve on this in view of anticipated listing in the CSE. Tier I and Tier II capital stood at 14.48% and 14.91% as against 10% and 5% of regulatory requirement respectively.
"In view of the Central Bank directive for all banks to be listed in the Colombo Stock Exchange, the Bank focused a considerable degree of energy to streamline operations to meet this eventuality, again with the primary intention of retaining controlling power among its current stakeholders, key among who are the varied and extensive members of the larger SANASA Movement," Mamaduwa said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=51833