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