SDB bank kicks of FY22 with Rs.181mn profit for first quarter

12 June 2022 11:34 pm Views - 205

SDB bank has posted a resilient first quarter of the year, delivering a strong start to the financial year 2022. Accordingly, the bank recorded a profit of Rs.181 million for the first quarter ending March 31, 2022. 

The quarter also witnessed net interest income rising to Rs.1, 968 million, an increase of 21 percent compared with 1Q21. Total operating income too grew by 19 percent to Rs.2.17 billion during 1Q.

 SDB bank has also emerged among the most stable and well-positioned banks in the current economic environment at the end of 1Q. As at 31st March 2022, the bank’s capital adequacy ratio and all other liquidity ratios are well above regulatory minimum requirements. 

Furthermore, being a licensed specialised bank, SDB bank’s exposure to foreign currency risks and exchange rate volatility is very limited. Thus, despite the current challenging market conditions, SDB bank remains relatively insulated from currency fluctuation risks.

Commenting on the 1Q performance, Niranjan Thangarajah – Acting CEO at SDB bank said, “Our financial performance results for Q1 demonstrate the resilience, strength and foresight of SDB bank, guided by our highly experienced and qualified staff and leadership team, which is comprised of professionals and business leaders who are experts in their respective fields. Sri Lanka is facing a tumultuous moment in its political and economic history and the shockwaves of the crisis continue to ripple throughout the economy.”