Sri Lanka Savings Bank says performing exceptionally well

Thursday, 22 June 2023 04:25 - - {{hitsCtrl.values.hits}}

Denies any knowledge of proposal to be acquired in reference to moves by Sarvodaya Development Finance

Sri Lanka Savings Bank (SLSB) declared yesterday that it has consistently demonstrated strong financial performance and operational effectiveness and denied any knowledge of a proposal for its acquisition by the Sarvodaya Development Finance (SDF).

SLSB was responding to an article to this effect published yesterday and denied claims on its financial stability and operational efficiencies.

For the financial year ending on 31 December 2022, SLSB reported a Profit After Tax (PAT) of Rs. 445 million, representing an impressive increase of 74% compared to the previous year.

“This noteworthy achievement is a testament to the bank›s robust performance, highlighting its resilience and ability to deliver positive results in a challenging economic environment,” SLSB said. “Moreover, among the small banks in Sri Lanka, SLSB has performed exceptionally well. The bank maintains liquidity and capital adequacy ratios that are above the industry average, further affirming its sound financial position and prudent risk management practices,” SLSB added.

It also said recently, the Ministry of Finance, Economic Stabilisation and National Policies has recently appointed a highly competent Board of Directors to Sri Lanka Savings Bank.