Wednesday Jan 15, 2025
Wednesday Jan 15, 2025
Wednesday, 15 January 2025 00:08 - - {{hitsCtrl.values.hits}}
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| Chairman Channa de Silva |
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| CEO Nilantha Jayanetti |
Sarovodaya Development Finance PLC (SDF) has achieved a new milestone as an ethical provider of financial services by becoming a full member of the prestigious Global Alliance for Banking on Values (GABV). This development is a significant step in SDF’s ongoing mission to promote financial inclusion and sustainable development across Sri Lanka. As the financial services arm of the Sarvodaya Shramadana Movement, and Sri Lanka’s oldest development finance institution, SDF has always championed a values-driven approach, prioritising community empowerment and equitable growth.
This approach aligns seamlessly with the GABV’s global vision of transforming the banking system to support economic, social, and environmental sustainability. In fact, SDF’s financial performance in the first half of 2024/25 further highlights the success of its unique approach, with the company recording a net profit of Rs. 215.7 million during the six months ended 30 September 2024; a significant increase from Rs. 78.9 million in the corresponding period of the previous year.
Meanwhile, gross income rose 21.8% coupled with a 7.8% reduction in interest expenses, resulting in a 57.2% improvement in interest income, as total assets grew by 22.5% or Rs. 3.3 billion, supported by a robust increase in deposits and borrowings. The company’s efficiency ratio also improved to 52.9% from 69.4% in the corresponding period in the year prior. To finance this exceptional growth, made possible by SDF’s commitment to equitable and sustainable development, the company secured both local and international funding, leading to a 17.4% increase in the deposit base and a 58.8% rise in borrowings.
Sarvodaya Development Finance CEO Nilantha Jayanetti commented saying, “As an impact-driven development finance company, our strategy remains focused on growth and sustainable development throughout FY 2024/25. With improving financial stability in Sri Lanka, following the IMF program, SDF has set a target to enhance its value distribution to the village economy. Consequently, we reported exceptional growth in the first half of FY 2024/25 compared to the same period in the previous financial year. Furthermore, as a member of the GABV, we now look forward to broader collaboration towards bringing accessible financial services to grassroots communities.”
The GABV, established in 2009, is a global network of banks, credit unions, and microfinance institutions committed to using finance as a force for good. Its members work collaboratively to drive positive systemic change within financial systems, emphasising transparency and a focus on the real economy. Having joined this alliance, SDF is now part of a growing collective effort to reshape global banking practices and deliver financial solutions that uplift individuals and strengthen underserved communities.
