SDB bank kicks off financial year 2022 with resilient 1Q

Monday, 13 June 2022 00:00 - - {{hitsCtrl.values.hits}}

SDB bank Chairperson Dinithi Ratnayake

SDB bank Acting CEO Niranjan Thangarajah

SDB bank has posted a resilient First Quarter of the year, delivering a strong start to the financial year 2022.

The Bank recorded a profit of Rs. 181 million for Q1, ending 31 March 2022. The Quarter also witnessed Net Interest Income rising to Rs. 1,968 million, an increase of 21% compared with Q1 2021. Total operating income too grew by 19% to Rs. 2.17 billion during Q1.

SDB bank has also emerged among the most stable and well-positioned banks in the current economic environment at the end of Q1. As of 31 March 2022, the Bank’s Capital Adequacy Ratio and all other liquidity ratios are well above regulatory minimum requirements. Furthermore, being a licensed specialised bank, SDB bank’s exposure to foreign currency risks and exchange rate volatility is very limited. Thus, despite the current challenging market conditions, SDB bank remains relatively insulated from currency fluctuation risks.

Commenting on the Q1 performance, SDB bank Acting CEO Niranjan Thangarajah said: “Our financial performance results for Q1 demonstrate the resilience, strength, and foresight of SDB bank, guided by our highly experienced and qualified staff and leadership team, which is comprised of professionals and business leaders who are experts in their respective fields.

“Sri Lanka is facing a tumultuous moment in its political and economic history and the shockwaves of the crisis continue to ripple throughout the economy. However, as a result of our strategic positioning, provisioning, and vision, we are in a position to continue to deliver exceptional value and performance to our stakeholders. “Guided by its diverse and experienced Board of Directors and Senior Management team, SDB bank is presently well-positioned to deliver stability and resilience in the months and years ahead. We look forward to working together with all stakeholders to ensure that we serve Sri Lanka and Sri Lankans at this pivotal period in our nation’s history.”