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| Thursday, 17 June 2004 |
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125% increase in operating profits: Complete turnaround at Ceylinco Savings Ceylinco Savings Bank reported a 125% increase in its operating profits before provision for credit losses during the first quarter 2004 compared to the corresponding period in 2003. Commenting on performance Aswin De Silva, General Manager/CEO of the Bank said that "this extremely satisfactory performance was achieved despite difficult market conditions. "The Bank has now turned around with the introduction of sound systems and procedures, restructure and a new marketing focus in line with the strategic objectives". The Bank will introduce a software package encompassing all its core modules to improve operational efficiency, management information and customer delivery capabilities. The organisation structure too has changed with recruitment of experienced professionals. The Bank is beginning to reap its benefits of a two-way approach adopted during the later half of 2003, which significantly improved its financial position. Whilst further strengthening its operational and credit functionalities, the Bank leveraged on several market opportunities to improve in financial health. The launch of "Achara," a deposit program for the senior citizens in 2003, was noteworthy". De Silva said that the Bank is in another recent development raised additional capital of Rs. 63 million. He said that these new funds infused in the fourth quarter 2003 and January 2004 have strengthened the Bank's equity base, generated resources for future expansion and facilitated in maintaining capital adequacy requirements stipulated by the Central Bank. |
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