Sanasa records low ratio in non performing loans

Hathoon SHERIFFDEEN

Sanasa bank has been recording a low ratio in non-performing loans in line with the requirements of the governing body of these loans in Sri Lanka. “We have been maintaining a non-performing loans ratio of 4.5 per cent from last year,” CEO, Sanasa Development Bank Ltd, Nimal J. B Mamaduwa said.

“Though we are a small financial institution in the country, our movement is diversified and close to the people in the area.

We work with Sanasa movements in every Provincial Council. These net works are called Savings and credit co-operatives.

We have 8500 Savings and Credit Co-operatives island wide. That made Sanasa Development bank successful in recovering its loans on time and our lending had been productive ,” he said.

“We will be opening three branches in Eastern Province during this year. The branches will be open in Trincomalee, Baticoloa and Kalmunai. We will invest Rs 1 billion on this project, We have provided jobs for about 1,000 young people in these branches. Mamaduwa said.