Lankaputhra Development Bank records Rs. 332.4 m PBT

Wednesday, 5 March 2014 00:26 -     - {{hitsCtrl.values.hits}}

Lankaputhra Development Bank has released its performance for year 2013 subject to audit. The bank has recorded profit before tax of Rs. 332.5 million in the year 2013 against Rs. 294 million recorded in 2012. The net interest income has been grown up to Rs. 652.6 million from last year’s Rs. 593.2 million. The bank achieved growth in core banking income compared to the last financial year even though the profit growth was adversely affected slightly due to various reasons. The net profit after tax for the year is Rs. 211 million which is 3% less than the previous year. Year 2013 reflects noteworthy performance amidst tough market conditions. It was a challenging year for the bank due to many reasons posed by market forces such as lower credit demand and declining interest rates. Return on assets (ROA) of the bank has been increased from 4.3% in the previous year to 5.2% in 2013. However return on equity (ROE) has dropped to 4.9% in 2013 from 5.5% in 2012. The bank opened its eighth branch in year 2013 in Trincomalee, the move was after three years of opening its seventh branch in Batticaloa. Lankaputhra Development Bank is a fully fledged government owned specialised bank opened to strengthen the local economy by supporting the entrepreneurs of the country. The bank has initiated many loan schemes to support small and medium entrepreneurs in the country such as project loans, micro finance loan scheme, “Sarusara” (NCRCS), Saubagya Loan scheme and Jayadiri special loan scheme. Apart from these loan schemes, the bank offers Shasthree Higher Education loan scheme, E top computer loan scheme, Laksaviya leasing facility and Laksahana pawning facility. Several savings schemes including Lakmuthu children’s savings are on offer for the younger generation with attractive rates of interest. At present the bank has branches in Colombo, Hambantota, Polonnaruwa, Kegalle, Kandy Wennappuwa, Batticaloa and Trincomalee.