For the December quarter the banking group has posted a net profit of Rs.164 million against Rs.47 million made in the same quarter, previous year. For the first time in its history, the bank has also recorded Rs.3 billion in turnover, which is an 26 percent of increase from the previous year and a net interest income of Rs.1 billion. The company has a market capitalization of Rs.6.9 billion.
* EPS of Rs.3.73 with Net Assets per Share of Rs.21.62.
* Return on equity grows to 16.57%
* NPL ratio is down to 8.32% compared to 10.47% in 2009.
* Assets growth of 22% to reach the mark of Rs.14.5 billion.
According to the bank's Chairman M.R Shah the stable political environment, renewed interest from the corporate and business communities and a highly motivated staff capturing opportunities have contributed to this remarkable performance.
He also said that the bank will focus in the core business activities, investment banking and SME sector is anticipated to provide above average returns in future.
"The courage and the strategic strength from the parent Bank of Ceylon is a moral boost to the management and in our business dealings. This will support us in developing more conducive business relationships with clients and incarcerate business opportunities that emerges from the market" Shah noted.
He was further hopeful that the 2011 budget will offer immense opportunities for all banks and corporates in the country.
"Reduction of Financial Services Value Added Tax and Corporation tax will strengthen our Bank in facing the changing needs of the economy. We want to be the frontiers to the growth story of emerging wonder of Asia" he added.
source - www.dailymirror.lk
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