Sanasa Development Bank maintains growth momentum
The SANASA Development Bank (SDBL) has recorded yet another
impressive performance for the first half year ending 30th June 2008.
The Bank has recorded a pre-tax profit of Rs. 124.5mn as against
Rs.83.6mn for the corresponding period ending year 2007, which is an
increase of 49%.
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Nimal Mamaduwa |
Despite the adverse impact of the security and the economic
conditions the bank was able to maintain its growth momentum said
General Manager cum CEO, Nimal Mamaduwa, in a press release.
Deposits grew up to Rs. 6.9bn from Rs. 4.6mn registering an increase
of 48.6%. The advances grew from Rs. 5.08bn to Rs. 7.58bn registering an
increase of 49% for the six months ending 30th June 2008.
The bank was able to make these achievements due to continuous
customer confidence and the attractiveness of our products to all
customer segments.
During the first six months, we were able to open branches in
Mathugama, Wennappuwa, Giriulla, Dambulla and the plans are under way to
open branches in Deniyaya, Angunukolapalassa, Anamaduwa, Aralaganwilla,
Badulla, Madawachchiya and Ampara before end of this year.
The Central Bank of Sri Lanka’s recent directions encouraging banks
to open more branches outside the Western Province is a welcome move
said Mamaduwa. SDBL will mainly focus in the Development of the rural
economy.
Our broader network through SDBL branches and the SANASA Primary
society network who are our main shareholders will be used as our out
retch in extending our services.
Since the country’s economy is going through a difficult period due
to skyrocketing oil prices and increased cost of living which are
interconnected factors, the bankers are also going through a tough time.
The probability of loan defaults are on the increasing trend under
these conditions. The SDBL has taken this factors into very careful
consideration and have allowed extended repayment periods and
re-scheduled some of the advances on case by case basis.
Despite these conditions, the bank has been able to maintain its
non-performing loan ratio at 5.7% as at end of June 2008. |
