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

Friday, 9 March 2018 00:00 - - {{hitsCtrl.values.hits}}

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.