Annual Report 2008 - Ministry of Finance and Planning

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3. Performance of Public Enterprises 148 Box 3.1 Pradeshiya Sanvardhana Bank Six Regional Development Bank viz Wayamba Development Bank, Kandurata Development Bank, Sabaragamuwa Development Bank, Uva Development Bank, Ruhuna Development Bank and Rajarata Development Bank have been established under Regional Development Bank Act No. 06 of 1997. With the intention of strengthening the existing Regional Development Bank network and establishment of one bank with a strong capital base, proposed Pradeshiya Sanvardhana Bank is to be established absorbing the assets, liabilities, contracts and employees etc. of existing Regional Development Banks established in terms of Regional Development Bank Act No. 06 of 1997. The proposed Pradeshiya Sanvardhana Bank will engage in all or any of the activities permitted to be carried out by a Licensed Specialized Bank. The capital of the new bank shall be of such sums of money comprising contributions made by the government, the Bank of Ceylon, the People’s Bank, the National Savings Bank to the existing Regional Development Banks. Only the shareholders referred above will contribute further capital of the bank. The objects of the bank shall be to facilitate to the development in the fields of agriculture, industry, trade, commerce, livestock, fisheries and empowerment of woman through financial assistance to Micro Finance Enterprises. Further, the Minister may decide the percentage of lending required to be allocated to the priority sectors in line with government policies. The management and the administration of the bank shall vest in a Board of Directors consisting with ex-officio directors and nominated directors who shall be appointed by the Hon. Minister of Finance & Planning with the consultation of the Secretary to the Treasury. A Deputy Secretary to the Treasury, a Deputy General Manager each from Bank of Ceylon, People’s Bank and National Savings Bank will be ex-officio directors. The Hon, Minister may appoint a nominated director as the Chairman. General Manager will be the Chief Executive Officer of the Bank. The Regional General Managers will be responsible for the affairs of each region in the field of deposit mobilizing, lending and regionally focused development activities. Under a single management and administration, the proposed Pradeshiya Sanvardhana Bank can be driven towards its objectives minimizing the cost. Further, preliminary actions were taken to implement a Pension and Terminal Benefit Scheme for the employees of state owned banks with effect from 01.01.2009. In 2009, state sector banks have greater potential for the expansion of their lending activities and deposit mobilization. They have a vital role in development activities under the “Nagenahira Navodaya” and proposed “Uthuru Wasanthaya” for providing the financial assistance to the clientele hither to unbanked or under banked in Northern. In order to ensure market dominance and stability, state sector banks should be keen on corporate governance practices and strict compliance with rules and regulations imposed by various regulatory authorities. Further, international best practices in various risk management should be adopted proactively. With the global financial crisis and its impact on Sri Lanka banking sector, state banks have a grater responsibility in 2008 / 2009 than previous years. State banks had to intervene to safeguard the stability of entire banking sector through various mechanisms. Ministry of Finance and Planning Sri Lanka Annual Report 2008
3. Performance of Public Enterprises 149 Table 3.6 Contribution of State Owned Banks to the Government Rs. mn Institution Tax VAT on Dividends/ Total Financial Services Contribution to Consolidated Fund Bank of Ceylon 1,670 2,073 1,046 4,789 People’s Bank 2,959 2,639 816 6,414 National Savings Bank 2,041 1,246 1,060 4,347 SMIB 8 70 78 HDFC Bank (2) 30 28 Lankaputhra Dev’ Bank 162 63 225 Ruhuna Dev’ Bank 105 85 15 205 Wayamba Dev’Bank 132 117 4 253 Sabaragamuwa Dev’ Bank 103 101 12 216 Uva Dev’ Bank 42 50 4 96 Rajarata Dev’ Bank 50 38 88 Kandurata Dev’ Bank 62 60 122 Total 7,332 6,572 2,957 16,861 Source: Banks’ Annual Accounts Performance of Bank of Ceylon (BOC) The BOC consists of highest asset base (Rs. 484.9 billion or 18.8 percent in banking industry), customer base and leadership in offshore banking and largest corporate and retail lending portfolio (Rs 286 billion). The BOC provides its services with a network of 302 branches connected online and 399 ATMs. The BOC has 09 subsidiaries and 06 associates. In 2008, the bank’s profits (before tax) has improved significantly to Rs 5.3 billion from Rs 4.5 billion in 2007. Chart 3.9 Ministry of Finance and Planning Sri Lanka Annual Report 2008
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2008 Annual Report Ministry of Fina
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2 This Report is Published in terms
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4 Heads of Treasury Departments (as
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6 Heads of Statutory Boards / State
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8 Contents Chapter 1 - Macro Econom
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16 Sri Lanka at a Glance - 2008 KEY
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18 Sri Lanka at a Glance - 2008 Con
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328 8. Financial Statements - 2008
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Annual Report 2008 - Ministry of Finance and Planning

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