SDB bank has achieved outstanding financial results during 2021, amid an unprecedentedly challenging economic environment.
Total profits for the year ended December 31, 2021 stood at Rs. 909 million, recording a year-on-year (YoY) growth of 9%, while profit for the 4th quarter of the year was recorded at Rs. 159 million.
Net interest income grew by 11% YoY, to Rs. 6.774 billion, while total operating income grew by 9% YoY to reach Rs. 7.4 billion.
SDB bank’s loan book too showed robust growth, expanding by 9% against the year prior to Rs. 111.89 billion, while Rs. 65 billion was disbursed through 98,185 accounts during the year. Net NPL (Non-Performing Loans) Ratio also witnessed positive change, improving to 1.49% in 2021, against 1.79% in 2020, due to improved provisioning during the period. SDB bank’s Total Assets also grew healthily by 15% in the year under review to Rs. 147.8 billion, while the Deposit Portfolio expanded marginally by 1% YoY.
Acting CEO at SDB bank, D. Niranjan Thangarajah said, “We have focused heavily on our core SME and MSME customers during the year, with special emphasis on women owned and led enterprises, in line with our drive towards inclusive banking.
“The exceptional planning and strategy devised by our senior management team has proven to be effective during the year, while we also benefitted from the rescinding of pandemic related restrictions. Our commitment to working together with our customers in mutual partnership, placed us in an excellent position to detect early warning signs of financial distress, and helped us guide our customers towards making the right decisions.
“This is reflected in our expanding loan portfolio, coupled with shrinking NPLs. This year, we look forward to building on the achievements we have made last year. We also take this opportunity to thank our customers and stakeholders for their continued cooperation and support of SDB bank,” he said.
Last year, SDB bank conducted a Secondary Public Offering (SPO), which received exceptional interest from investors, enjoying a hefty oversubscription on the opening date of the issue.
In line with SDB bank’s four-year strategic growth plan, last year, the focussed heavily on the SME sector, female entrepreneurship, driving sustainability both financially and environmentally and aggressively push digital banking across Sri Lanka, staying true to its commitment to take inclusive digital banking to the masses.