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DateLine Sunday, 6 April 2008

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PABC post tax profit grows 32% to Rs. 216m in 2007

PABC Bank has recorded profits in the last four consecutive years.

The Bank's profit in 2004 was Rs.41 million and over the years the Bank has shown a significant performance culminating with an after tax profit of Rs. 216 million in 2007 which is more than 5.25 times in three years.

The profit of Rs. 216 million in 2007 is 32% higher than the profit recorded for the year 2006. The Bank's performance is attributed to growth in deposits by 35%, growth in advances by 28% and the additional capital infusion towards the latter part of 2006 which enabled the Bank to open eight additional branches in strategic locations.

The Return on Assets has been at a satisfactory ratio of 1.5% for the Bank. The Bank also recorded a Return after tax on Equity of 16.2%. The intensive recovery drive of the Bank and credit monitoring has also helped the Bank to reduce its non performing advance ratio to 7.4% as at end 2007. All the performance indicators point to an overall satisfactory and stable growth trend of the Bank.

The Bank is also proposing to pay a dividend to its shareholders at 75 cents per share which will be taken up for approval by shareholders at the forthcoming Annual General Meeting.

During the year 2007, the Bank has comfortably met all statutory requirements, especially maintaining the Liquid Asset Ratio and Capital Adequacy Ratio.

The statutory Liquid Asset Ratio during December 2007 was 23% and the Tier I and Tier II Capital Adequacy Ratio was 16.13%.

These ratios are well above the minimum requirements.

MD/GM/CEO R. Nadarajah, commenting on future plans said, "We shall focus on expanding our branch network and increasing the diversified customer base in the future. We will aggressively market our new product "Mcredit" to provide "convenience to purchases of goods and services" at low cost, compared to other modes.


GTH buys SLT stake for Rs. 32 billion

Global Telecommunications Holdings N.V. (GTH), a wholly-owned subsidiary of Usaha Tegas Sdn Bhd (UT), a Malaysia based investment holding company acquired 635,076,318 shares representing 35.19% of Sri Lanka Telecom PLC (SLT) from NTT Communications Corporation for a purchase consideration of approximately Rs. 32 billion.

As a result of this acquisition, GTH will be required to undertake a Mandatory General Offer for the remaining shares of SLT which it does not already hold.

The Board of GTH views the investment in SLT to be a strategic investment and looks forward to working with the other shareholders of the Company, including the Government and other Sri Lankan institutions, to further grow the company and enhance shareholder value.

GTH through common ownership, is affiliated to Maxis Communications Berhad which is regarded as one of the leading telecommunication service providers in Asia with operations in Malaysia, India and Indonesia.

GTH and UT will commit resources to support the Board and management of SLT to create additional opportunities for its employees and to achieve the overall objectives of the Company.


Delmege appoints Group CEO

The Delmege Forsyth Group of Companies has appointed Dilhan De Silva as Group CEO, from this month. De Silva joined the Delmege Group in June 2000 as a Non Board Director of Delmege Forsyth and Co Ltd. He was appointed Group Finance Director as well as Director of all subsidiary companies within the Delmege Group.

Group Chairman, F. G. N. Mendis said that the Group had hitherto not had a CEO and De Silva's appointment as Group CEO was a significant step.

An old boy of St. Joseph's College, De Silva is a member of the Institute of Chartered Accountants of Sri Lanka, the Chartered Institute of Management Accountants UK, the Institute of Certified Management Accountants Australia, and the Society of Certified Management Accountants in Sri Lanka. An alumnus of Ernst and Young, his working experience has been multi-faceted.


New limits on interest rates by finance companies

The Monetary Board of the Central Bank of Sri Lanka has further reduced the maximum interest rates that can be paid by registered finance companies on time deposits, from April 1.

As per the new revision, the maximum annual rate of interest which may be paid by a finance company on a time deposit which carries a maturity period of 12 months or less, shall not exceed the weighted average yield applicable to 364-day Treasury Bills issued during the immediately preceding quarter, plus 2 percentage points.

For those deposits which carry a maturity period of more than 12 months, the interest rate may not be more than 4 percentage points over the weighted average yield applicable to 364-day Treasury Bills issued during the immediately preceding quarter. In the case of savings deposits, the maximum annual rate of interest should not exceed the weighted average yield applicable to 91-day Treasury Bills issued during the immediately preceding quarter, less 1 percentage point.


New GM at Indra Finance

Prasad Edirisinghe, an experienced financier who has served the financial industry for nearly twenty-five years has joined Indra Finance, the financial arm of one of Sri Lanka's leading vehicle importers and dealer Indra Traders as their new General Manager to strengthen its activities in the field of finance and leasing islandwide.

Edirisinghe, an old Trinitian is a member of the Institute of Management of Sri Lanka. Before joining Indra Finance he served in the senior Management field of LB finance for nearly 13 years and at Central Finance for five years.

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