Lankaputhra Development Bank has posted a net profit of Rs 302 million in 2017 and against the Rs 258 million profit recorded in 2016. This is the second largest net profit generated in the bank’s 11 year history.
General Manager, Chief Executive Officer of the bank Ranjith Dissanayake said that the earnings per share for 2017 was Rs 8.38 and it was Rs 7.17 in 2016. Interest income for the year 2017, Rs 834 million and that is the highest interest income earned by the bank so far. “ We have also managed to reach to the highest ever loan disbursement during the year 2017. And the return on assets has increase from 3% to 4.3% and reference capital adequacy we have reached the requirements of the Central Bank of Sri Lanka. The liquid asset ratio is well above the required limit and we have liquid assets to cover every need. The accounts are undergoing auditing at the moment and the possibility is there for an improvement in these numbers.”
“We can lend more this year, especially on the government sponsored loan schemes. There are several loan schemes at a concessionary interest rate of around 6.75 percent introduced by the Ministry of Finance. Other than these loan schemes there is another scheme named “Green Loan” that will operative from this month. Under these loan schemes there are various categories but basically they are targeted at the small and medium enterprise sector. Our focus is on also the SME sector and as such we hope to create the necessary synergy.”
He said that financial facilities could be obtained for all entrepreneurship fields, from agriculture to industry extending tourism, under these loan schemes. The benefits will pass on to the small and medium entrepreneurs from these loan facilities granted at a lower interest rates. Also the Bank encourages exports from the SME sector. During year 2017 Lankaputhra has disbursed over two billion rupees for uplifting the SME sector. He said they hoped to maintain the same level for 2018 as well.
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