SDB Bank posted a resilient first quarter of the year, delivering a strong start to the 2022 financial year. As a result, the bank recorded a profit of Rs 181 million for the first quarter ending March 31, 2022.
The quarter also saw net interest income increase to Rs 1,968 million, an increase of 21% from 1Q21. Total operating income also increased by 19% to Rs 2.17 billion in the first quarter.
SDB Bank also emerged among the most stable and best positioned banks in the current economic environment at the end of the first quarter. As of March 31, 2022, the bank’s capital adequacy ratio and all other liquidity ratios are well above regulatory minimum requirements.
In addition, being a licensed specialized bank, SDB Bank’s exposure to currency risks and exchange rate volatility is very limited. Thus, despite the current difficult market conditions, SDB Bank remains relatively insulated from currency fluctuation risks.
Commenting on the first quarter performance, Niranjan Thangarajah, Acting CEO of SDB Bank, said, “Our financial performance results for the first quarter demonstrate the resilience, strength and foresight of SDB Bank, guided by our staff and our highly experienced and qualified management team, which includes 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 shock waves of the crisis continue to reverberate throughout the economy.