SDB bank has continued its strong showing in the year 2020, displaying great resilience in countering the challenges resulting from the COVID-19 pandemic, and is well on course to meet its business goals for 2020 and beyond.
A transformational SDB bank was able to record a threefold increase in profit year-over-year, with year-to-date net profit totalling LKR 329 Million at the end of 2020 Quarter 2, compared to its performance of LKR109 Million for the same period last year.
This growth in profitability was ably supported by an 18% year-over-year growth recorded in its total asset base, which stood at LKR 115 Billion at the end of June 2020.
This is particularly heartening considering a large part of it ran parallel to the COVID-19-impacted stretch. The bank managed to strengthen its position as a leading bank in the MSME segment, uplifting its significant MSME customer base through novel savings and wealth creation efforts right through the pandemic-affected period.
SDB bank’s MSME-majority shareholder base, composed primarily of the country’s sizable rural and cooperative populations, renders the consistent increase in growth rate for the period all the more noteworthy.