Lankaputhra Development Bank celebrated their 12th anniversary yesterday. The bank was incorporated on February 24, 2006. Lankaputhra Development Bank has eight branches island wide covering important cities in Sri Lanka.
Lankaputhra Development Bank Chairman, J. T. S. P. Kariyawasam speaking to Daily News Business said that they are planning to open more branches in Sri Lanka before the end of this year.
“We have created an action plan and we are working on that master plan. We are going to open one or two branches in every district in the country and we have identified perfect locations to set up the branches”, he said.
“We have branches in Colombo, Kandy, Kegalle, Trincomalee, Batticaloa, Wennappuwa, Polonnaruwa and Hambantota. We have covered eight districts and we are targeting the other seventeen districts in the country”, he said.
“Our main objective is to give more loan facilities to our local people. For the 12th anniversary we are going to offer a special loan scheme in the Central Province and we are granting up to Rs. 500,000 for new entrepreneurs. In the first phase we are granting the loan facilities to about hundred entrepreneurs and before the end of the year we are going to grant this loan facility to five hundred entrepreneurs. We believe that this would create nearly five thousand job opportunities for local people”, he said.
Lankaputhra Development Bank has posted a net profit of Rs 71 million in first five months of 2018.
Lankaputhra Development Bank recorded a revenue of Rs. 298 million for 2017, an increase of 15.2%. The bank recorded a profit of Rs. 259 million in 2016. The banks earning per share in 2016 was 7.17%, in 2017 end it increased by 8.27%. The banks return on equity in December 2017 was 5.9% and 5.4% in 2016, and it was increased by 0.5% in 2017. The banks return on asset was 3% earlier and in 2017 it reached up to 4.3%.
Lankaputhra Development Banks liquidity asset ratio is well above 5 billion and the liquid asset ratio is well above the required limit, the bank has liquid assets to cover every need.
There are several loan schemes at a concessionary interest rate of around 6.75 percent introduced by the Ministry of Finance this year. Other than these loan schemes there is another scheme named “Green Loan” that was operative from March this year. Under these loan schemes there are various categories but basically the bank targeted at the small and medium enterprise sector. Lankaputhra Development Banks focus is on the SME sector.
The bank said that financial facilities could be obtained for all entrepreneurship fields, from agriculture to industry extending tourism, under these loan schemes. The benefits will pass on to the small and medium entrepreneurs from these loan facilities granted at a lower interest rates. The bank encourages exports from the SME sector. During year 2017 Lankaputhra has disbursed over two billion rupees for uplifting the SME sector. The bank said they hoped to maintain the same level for 2018 as well.
Lankaputhra Development Banks dream is to be the core development bank in Sri Lanka, significantly strengthening entrepreneurship at regional, national, international levels, to aid in the development of the rural economy of Sri Lanka thereby reducing disparity and helping to uplift the lives of the less fortunate and caring for their customers consistently benchmark excellent customer service standards to be the best in the industry.
Lankaputhra Development Bank has remained concentrated in the areas of micro finance and small and medium entrepreneurs.
The bank also focused its resources on encouraging women entrepreneurs, a segment that has generated viable results showing the potential to make a strong statement in the rural economy.
As a Development Bank, more strategic approaches are in store for women entrepreneurs in the SME sector to further capitalize on the potential of this segment.
Lankaputhra Development Bank Chairman, J. T. S. P. Kariyawasam speaking to Daily News Business said that they are planning to open more branches in Sri Lanka before the end of this year.
“We have created an action plan and we are working on that master plan. We are going to open one or two branches in every district in the country and we have identified perfect locations to set up the branches”, he said.
“We have branches in Colombo, Kandy, Kegalle, Trincomalee, Batticaloa, Wennappuwa, Polonnaruwa and Hambantota. We have covered eight districts and we are targeting the other seventeen districts in the country”, he said.
“Our main objective is to give more loan facilities to our local people. For the 12th anniversary we are going to offer a special loan scheme in the Central Province and we are granting up to Rs. 500,000 for new entrepreneurs. In the first phase we are granting the loan facilities to about hundred entrepreneurs and before the end of the year we are going to grant this loan facility to five hundred entrepreneurs. We believe that this would create nearly five thousand job opportunities for local people”, he said.
Lankaputhra Development Bank has posted a net profit of Rs 71 million in first five months of 2018.
Lankaputhra Development Bank recorded a revenue of Rs. 298 million for 2017, an increase of 15.2%. The bank recorded a profit of Rs. 259 million in 2016. The banks earning per share in 2016 was 7.17%, in 2017 end it increased by 8.27%. The banks return on equity in December 2017 was 5.9% and 5.4% in 2016, and it was increased by 0.5% in 2017. The banks return on asset was 3% earlier and in 2017 it reached up to 4.3%.
There are several loan schemes at a concessionary interest rate of around 6.75 percent introduced by the Ministry of Finance this year. Other than these loan schemes there is another scheme named “Green Loan” that was operative from March this year. Under these loan schemes there are various categories but basically the bank targeted at the small and medium enterprise sector. Lankaputhra Development Banks focus is on the SME sector.
The bank said that financial facilities could be obtained for all entrepreneurship fields, from agriculture to industry extending tourism, under these loan schemes. The benefits will pass on to the small and medium entrepreneurs from these loan facilities granted at a lower interest rates. The bank encourages exports from the SME sector. During year 2017 Lankaputhra has disbursed over two billion rupees for uplifting the SME sector. The bank said they hoped to maintain the same level for 2018 as well.
Lankaputhra Development Banks dream is to be the core development bank in Sri Lanka, significantly strengthening entrepreneurship at regional, national, international levels, to aid in the development of the rural economy of Sri Lanka thereby reducing disparity and helping to uplift the lives of the less fortunate and caring for their customers consistently benchmark excellent customer service standards to be the best in the industry.
Lankaputhra Development Bank has remained concentrated in the areas of micro finance and small and medium entrepreneurs.
The bank also focused its resources on encouraging women entrepreneurs, a segment that has generated viable results showing the potential to make a strong statement in the rural economy.
As a Development Bank, more strategic approaches are in store for women entrepreneurs in the SME sector to further capitalize on the potential of this segment.
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