Lankaputhra Development Bank ups 1Q post-tax profit by 71% to Rs. 80 m

Lankaputhra Development Bank (LDB) has been able to post a profit of Rs. 80 million after tax during the first three months of the year ended on 31 March 2017. It’s a growth of 71% 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%. The amount was Rs. 153 million in the first quarter of 2016. 

Expressing views of this significant progress of the bank, LDB Chairman Ruwan Gallage stated that the bank has focused more attention on project loans and leasing facilities. Special attention was also paid on the tourism, construction industry and agriculture 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 year 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. 

The LDB grants attractive interest rates for the savings and especially higher interest rates are paid for the fixed deposits of senior citizens. In addition leasing facilities, pawning service, ‘Sandaliya’ savings account for women, ‘Shasthri’ education loan scheme for the individuals in the higher education sector are some special services carried out by the LDB at present. The ‘Shasthri’ loan scheme provides concessionary loans for persons to follow degree courses, postgraduate degrees and vocational education in reputed universities and higher education institutes in Sri Lanka as well as overseas at concessionary rates.