Lankaputhra Development Bank (LDB) has posted a profit of Rs 80 million after tax during the first 3 months of the year ended March 31, 2017.
It is a growth 71 percent compared to the same period in the year 2016. Total assets of the bank during the reviewed quarter have increased up to Rs 411 million. Consumer loans and credit have increased by Rs: 344 million up to a total cost of Rs 4 billion.
The net interest income of the LDB has increased up to Rs 185 million with a growth of 21 per cent. The amount was Rs153 million in the first quarter of 2016.Expressing views of this significant progress of the bank, Chairman of the LDB Ruwan Gallage stated that the bank has focused more attention on project loans and leasing facilities. Special attention was also paid on tourism, construction and agriculture industries which are the major contributors to country’s economic development. Gallage further said that especially providing leasing facilities at minimum interest rates to purchase vehicles for projects has shown a significant growth during the first quarter.
Commenting on this growth achieved by the bank Acting General Manager/CEO Ranjith Dissanayake said the entire staff of the LDB worked collectively since the very beginning of the 2017 to achieve this objective. Further, the entrepreneurs and customers also contributed a lot to reach this target. In addition, branch managers have extended their support to the utmost towards this gain and the bank has planned to implement a special initiative to motivate them.
The LDB has opened and are maintaining branches in Colombo, Hambantota, Polonnaruwa, Kandy, Kegalle, Wennappuwa, Batticaloa and Trincomalee areas at present.
These branches are rendering a unique service to the small and medium scale entrepreneurs (SMEs) in these areas.
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