Sunday Sep 22, 2024
Sunday Sep 22, 2024
Friday, 26 July 2013 00:00 - - {{hitsCtrl.values.hits}}
A: Euromoney is one of the reputed global financial magazines involved in conducting worldwide competitions annually and selecting best performing banks in respective countries. Euromoney maintains a solid track record of a long standing reputation and its selections have been widely accepted. We consider winning this award as a great achievement for us since we had to compete with very formidable competitors in Sri Lanka.
Q: How was the selection done?
A: The evaluation was done based on the selected performance criteria and other details as given in the completed questionnaire of each applicant. The requested information was in both quantitative and qualitative in nature. In addition the secondary data such as annual reports, rating reports and evaluations made by other reputed research agencies may have been given due consideration.
Q: What were the financial performance indicators that contributed to win this award?
A: They are market capitalisation, earning per share, PE ratio, total revenue, profit before/after tax, return on equity , total assets, cost/income ratio, tier 1 capital, total deposits, total advances, market share of deposits and advances, gross loans/deposits ratio, etc.
Q: What were the qualitative data that contributed?
A: Mainly product innovations and system innovations, risk management policies, good corporate governance, CSR initiatives and compliance.
Q: Can you elaborate on some latest product innovations?
A: Mainly the foreign currency exchange ATM – this is a unique ATM that converts foreign currency to SL Rupees and the users of the ATM need not be Sampath Bank accountholders as this is operated without an ATM card. This is a first time implementation by a Sri Lankan commercial bank. The other is the introduction of Mobile Cash – a novel experience for Sri Lankans to send and receive money via any mobile/CDMA phone. From a systems innovation point of view, the common ATM switch introduced by Sampath Bank stands out from the rest. Sampath Bank has connected nine banks in to one common switch, thereby creating the largest ATM network of 1,750 ATMs in the country.
Q: What will the bank’s future outlook be?
A: As an innovative bank which has changed the banking landscape in the country, we look forward to continuing with our tradition of setting industry standards through technological innovation and customer service.
Sampath Bank owns a wide network of 210 branches across the country, which includes three Super Branches located in Dharmapala Mawatha, Wellawatta and Kiribathgoda and the network of super branches will continue to expand. Open on all 365 days of the year, adding great convenience to customers, with extended banking hours, these branches are becoming very popular. Further, we will maintain our growth momentum on a sustainable basis through our existing branches, enhancing the market share and profitability.
We will also pay more attention to developing and promoting electronic banking channels more aggressively, to expand our customer reach, whilst providing more convenience to our customers. We have a team of over 3,500 spread across 210 branches islandwide, which is motivated and inspired to push the boundaries to a wider playing field and greater efficiencies. Our focus will be on inclusive banking and higher penetration in banking services outside the Western Province and we will pursue overseas markets as well at the right time.
