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Sunday, 27 March 2005    
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Highest pre-tax profit at Sanasa Development Bank

In 2004 the Sanasa Development Bank recorded its highest ever pre-tax profit of Rs. 43.0 million surpassing the Rs. 30.9 million achieved in year 2003, reflecting a significant growth of 39.16% over the previous year.

The after tax profit stood at Rs. 28.7 million which reflects a marginal increase of Rs. 0.3 million when compared with the performance of 2003 due mainly to the increase in Tax payments (Rs. 11.8 million).

The Bank's primary source of income, its interest income was Rs. 342.2 million which reflects an increase of Rs. 87.5 million (34.35%) over the figure of Rs. 254.7 million reported for 2003.

The net interest income too reflects a significant increase of Rs. 56.4 million (48.4%) when compared with the previous year.

The overall deposit base of the Bank reflects a sharp increase of Rs. 790 million (51.97%) during 2004 and stood at Rs. 2,310 million as against Rs. 1,520 million in 2003. Despite the overall reduction in deposits rates the growth of deposits could be considered a significant achievement.

The Bank's Advances portfolio likewise has grown by 75% (Rs. 890 million) during 2004 and stood at Rs. 2,071 million as against Rs. 1,181 million in 2003.

The leasing operation reflects a significant increase of Rs. 151.6 million (93.0%). During 2004 the Bank was able to bring down its NPL (Non Performing Loans) ratio to a single digit and NPL stood at 7.8% as against 13.9% in 2003.

Despite the steady growth in advances (Rs. 890 million) the capital adequacy ratio improved marginally and stood at 14.08% in 2004 as against 13.5% in 2003.

The return on average share holders funds stood at 18.62 in 2004 as against 16.39 in 2003.

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