Sanasa Bank records profit of Rs. 125 mn

PROFITS: Sanasa Development Bank (SDBL) achieved an all time high in its 10 years of operations with a balance sheet value of Rs. 5.9 billion as at December 31, 2006, a growth of 47 per cent over the previous year, General Manager/Chief Executive officer of SANASA Development Bank, Nimal J.B. Mamaduwa said.

The profit before tax which was Rs. 58 million in 2005 shot up to Rs. 125 million for the year ending December 31, 2006. Similarly the profit after tax for the year 2005 literally went through the roof with an enhanced profit of Rs. 100 million plus, the highest ever in the history of the bank, added Mamaduwa.

The growth rate achieved in the pre tax profit was 113 per cent and that of the post tax profit a huge 109 per cent. Advances to customers also recorded a growth of 51 per cent.

The Bank adopted a strong risk management strategy in both pre and post sanction credit administration.