Home / Financial Services/ SBI Sri Lanka’s net operating income tops Rs. 1 b

SBI Sri Lanka’s net operating income tops Rs. 1 b


Comments / {{hitsCtrl.values.hits}} Views / Friday, 9 March 2018 00:00


 

  • Customer credit cross Rs. 10 b; posts first 9 months pre-tax profit of Rs. 740 m

 The oldest existing bank of Sri Lanka, State Bank of India (SBI) Sri Lanka has posted a profit of Rs. 739.8 m during the first nine months ended on 31December 2017 for financial year 2017-18. The profit after tax stood at Rs. 534.5 m. The sound performance of SBI Sri Lanka is primarily driven by the core banking business with interest income rising by 12% on YOY basis.

SBI Sri Lanka, which is in service of the nation since 1864, has earned fees and commission income of Rs. 149.2 m, recording a growth of 8.62%; the key contributors being bank guarantee and trade finance income. 

“I am delighted to note that the net operating income of SBI Sri Lanka has crossed the bench mark of Rs. 1 billion coupled with customer credit of more than Rs. 10 billion,” said SBI Sri Lanka Country Head Rajeev Ratna Srivastava.

He added: “The efficient usage of resources has resulted in a drop in operating expenses by more than 100 basis points on YOY basis.At the same time, gross and net NPA of the bank were controlled and kept below the industry averages at 1.74% and 0.74% respectively. SBI Sri Lanka maintains a very healthy capital adequacy ratio.” Head of Operations Hemant Jaiswal stated: “SBI Sri Lanka has taken up various recent initiatives to provide superior customer service to both retail and corporate customers by migrating processes to technological platforms and empowering customers to perform most of their banking transactions sitting at the comfort of home.”

State Bank of India, the parent entity of SBI Sri Lanka, is the largest bank in India with more than 22,000 branches and 64,000 ATMs. The parent bank has global presence in over 36 countries and stands in the league of top 50 global banks.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Craving a world with free migration of Homo sapiens

Monday, 18 June 2018

During the discussion time following the presentation of a paper by former diplomat Tamara Kunanayakam on the invasion of Sri Lanka’s economic policymaking by neoliberal economic thinkers two weeks ago, Colombo University’s economics don Lalithas


Sigmoid Curve and Sri Lanka: Significant signals

Monday, 18 June 2018

Sri Lanka, often named as the ‘Wonder of Asia,’ has many citizens wondering what is going on.


Refuse and recuse in Cloud-Cuckoo-Land

Friday, 15 June 2018

I had a dream. That there were monsters ruling the land in the disguise of being military champions. But then some knights in slightly tarnished armour rode to the nation’s defence and liberated us from our saviours. And all was well again. At leas


Floods, drought and disasters

Thursday, 14 June 2018

The Yahapalana Government has been singularly unfortunate in having to face many natural and manmade disasters during their regime.Almost every year many citizens have to undergo the consequences of floods in certain parts of the country whereas ther


Columnists More