To achieve the 22% growth profits, the Group made a Rs. 45 bn gross income and interest income of Rs. 28 bn which is a 20% growth over the last year.
The year 2013/14 was considered a year of consolidation for the Group with strategies taking shape in all sectors to gear for growth and long term profitability. The operating environment was full of challenges for the financial services business as well as for other sectors.
The lowering interest rates in the latter part of the year was welcome as the Group believes that this positive move will trigger an increase in SME lending which will positively impact the Group’s lending business.
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