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Wednesday, 7 December 2011

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Celebrates 80th anniversary:

SMIB contributes Rs 429 m to State coffers

The State Mortgage and Investment Bank (SMIB) has contributed Rs 429 million to State coffers by way of tax liabilities up to the end of October 2011 from its turnover underscoring its growing stature as a positive contributor to the overall national economy, SMIB Chief Executive Officer W M Dayasingha said at the celebrations of its 80th anniversary.

Chairman Jagath Wellawatte with the Director Board after the launch of new logo of the bank. Picture by Sumanachandra Ariyawansa

He said its current aggregate mortgage and EPF loan portfolios amounts to over Rs 14 billion and that the contribution to the national housing stock will also take a quantum leap after new funds are mobilised through its latest strategic restructuring initiatives.

Dayasingha said the implementation of current initiatives is expected to result in a significant growth in the current deposit and loan portfolios of the bank.

Elaborating on the new initiatives he said potential new sources of low cost finance are being explored to enhance its strategic development plans which target a 15 percent growth in its deposits and asset bases in the short-term. He hoped to get the muscle to accommodate a wider role in housing, SME industry finance, higher education funding for less privileged parents and financing larger agro-industrial ventures.

The removal of legal impediments to greater disbursement of loan and advances is also expected to take fruition in the short-term to facilitate a broader range of banking services to boost loan portfolio.

The recommendations for removal of those legal impediments are pending approval by the relevant authority.

Also there will be a simultaneous introduction of ATM points to accommodate a larger customer base that will be attracted by new commercial savings and deposit instruments which will be introduced during 2012.

A new logo was launched for the bank at the 80th anniversary celebrations at the SMIB Head Office in Colombo.

 

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