SANASA Development Bank posts 59% growth in PAT | Daily News

SANASA Development Bank posts 59% growth in PAT

SANASA Development Bank (SDB) has succeeded in posting a 59% growth in profit after tax (PAT) to Rs. 166.1 million for the quarter ended September 30, 2015.

As a result, the bank’s PAT for nine months ended September 30, 2015 has increased by 84% year-on-year (YOY) to Rs. 579.8 million. Since 4Q2014, this is the fourth consecutive quarter where the bank has increased the PAT over and above 80% YOY demonstrating the consistency in its performance.

Since 4Q 2014, the above industry average loan book growth was a notable feature in SDB and during the nine months ended September 30, 2015 the loan portfolio grew by 35% and ended up at Rs. 43.1 billion. Total deposits grew by 26% to Rs. 39.4 billion as of September 30, 2015.

Core-banking activities made a steady progress under challenging economic conditions and the net interest income (NII) rose by 46% YOY to Rs. 2.4 billion during nine months ended September 30, 2015 largely due to growth in interest income by 36.18% YoY to Rs. 4.8 billion.

This was mainly due to the healthy 70% YOY growth in loan book and at the same time interest expenses rose only by 27% YoY.

Amidst pressure on banking sector margins, SDB managed to maintain an unimpaired, above industry average net interest margin (NIM) of 7% throughout the year largely supported by the prudent reprising and diligent asset liability management functions.

The net fee and commission of the bank rose by 30% YOY to a healthy Rs.188 million led by the growth in income from lending and other fee based services provided by the bank. As a whole, bank’s total operating 


 

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