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» අනං මනං! #/+?.<>
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyYesterday at 8:18 pm by ruwan326

» Dividend Announcement
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyYesterday at 6:04 pm by Ethical Trader

» Browns Investments update
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyYesterday at 1:46 pm by The Invisible

» What Would You Do?
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 19, 2019 1:02 pm by කිත්සිරි ද සිල්වා

» Back of the Legends
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 19, 2019 10:13 am by Topcat

» Thread for News on Local and Foreign Politics
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 19, 2019 6:32 am by ruwan326

» NTB.N0000 (NATIONS TRUST BANK PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Aug 18, 2019 10:33 pm by lanka

» Melstacorp (MELS)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Aug 18, 2019 8:33 pm by The Invisible

» Cargills (CARG)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Aug 18, 2019 8:26 pm by The Invisible

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Aug 18, 2019 8:18 pm by The Invisible

» SHL.N0000 (Softlogic Holdings PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Aug 18, 2019 8:14 pm by The Invisible

» SAMP.N0000 (SAMPATH BANK PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySat Aug 17, 2019 12:44 pm by nuwanmja

» Hayleys MGT
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Aug 16, 2019 8:55 pm by ruwan326

» CFVF - First Capital
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Aug 16, 2019 9:58 am by CK

» JINS.N0000 ( Janashakthi Insurance PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Aug 14, 2019 4:57 pm by The Invisible

» Thread for News on CSE and SL Economy
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Aug 14, 2019 9:22 am by The Invisible

» Ceylinco Insurance CINS
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Aug 14, 2019 9:18 am by The Invisible

» HNB.N0000 ( Hatton National Bank PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Aug 14, 2019 9:15 am by The Invisible

» NDB.N0000 (NATIONAL DEVELOPMENT BANK PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Aug 14, 2019 9:11 am by The Invisible

» Tourism Sector
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Aug 14, 2019 4:55 am by NIRMALSG

» LIOC.N0000 (Lanka IOC PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 12, 2019 2:55 pm by xmart

» HAYL.N0000 Hayleys PLC
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 12, 2019 1:43 pm by CK

» PABC.N0000 (Pan Asia Banking Corporation PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 12, 2019 1:33 pm by The Invisible

» Grain Elevators
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 12, 2019 1:31 pm by The Invisible

» Sri Lanka sets US$3.5bn tea export target for 2030
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 12, 2019 1:27 pm by The Invisible

» Tea: July 2019 national average shows gains month on month
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Aug 11, 2019 9:19 pm by Topcat

» OSEA .N
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySat Aug 10, 2019 6:40 pm by The Invisible

» Sri Lanka mulls reforms to punish 'errant' plantation companies
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySat Aug 10, 2019 6:33 pm by The Invisible

» JKH.N0000
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySat Aug 10, 2019 11:38 am by The Invisible

» HHL.N0000 ( Hemas Holdings PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySat Aug 10, 2019 10:42 am by The Invisible

» Nestle NEST
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySat Aug 10, 2019 10:28 am by The Invisible

» Ceylon Tobacco CTC
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySat Aug 10, 2019 10:26 am by The Invisible

» Volkswagen කතාවේ ඇත්ත තත්ත්වය මෙහෙමයි.
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Aug 09, 2019 5:37 pm by කිත්සිරි ද සිල්වා

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Aug 09, 2019 5:07 pm by Ethical Trader

» VFIN - where the journey leads it?
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Aug 09, 2019 9:21 am by ruwan326

» UAL.N0000 ( UNION ASSURANCE PLC )
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Aug 09, 2019 9:20 am by ruwan326

» SPEN.N0000
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Aug 08, 2019 10:20 pm by The Invisible

» Lanka Tiles
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Aug 08, 2019 10:15 pm by The Invisible

» Expolanka
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Aug 08, 2019 8:28 pm by ruwan326

» Tile - Snapshot
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Aug 08, 2019 11:37 am by mymoney

» DPL.N0000 (Dankotuwa Porcelain PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Aug 08, 2019 11:31 am by mymoney

» නිරුවත
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Aug 08, 2019 9:36 am by කිත්සිරි ද සිල්වා

» HAYC - Haycarb
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Aug 08, 2019 7:32 am by Beta

» WATA - Watawala
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Aug 07, 2019 12:03 pm by lanka

» Chemanex
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Aug 07, 2019 6:40 am by The Invisible

» East West properties
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyTue Aug 06, 2019 8:17 am by slstock

» CSE Market Wrap - 02.08.2019
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyTue Aug 06, 2019 6:59 am by pjrngroup

» Kandy Hotels
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyTue Aug 06, 2019 6:55 am by pjrngroup

» GLAS.N0000 (PIRAMAL GLASS CEYLON PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 05, 2019 10:07 pm by The Invisible

» 1000 Post Club | Celebration of a Great Milestone
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Aug 05, 2019 6:25 pm by pathfinder

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SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research

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SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research Empty SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research

Post by CSE.SAS on Fri Nov 06, 2015 8:26 pm

Click the below link to download the Report of SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research

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SANASA Development Bank (SDB) is a licensed specialized bank in Sri Lanka with a competitive advantage of lending to high risk, yet high return - informal and ‘non-bankable’ sectors through their unique wholesale lending franchise. SDB lends to the SANASA Societies which ultimately lends / distribute the funds to the end customers, thereby reducing the overall risk exposure and allowing SDB to maintain NPL’s below 3.5% since 2015, with NIMs above 7%. Accounting for a total asset base of LKR52.7 bn (USD373.4 mn) and a branch network of 85. SDB primarily caters to a separate niche market, the rural micro and SME sectors of the country. Currently, the bank is well capitalized with a Tier I CAR at 11.9% and Tier II CAR at 12.4% strengthened by a healthy loan book and deposit growth.

Net earnings grew 59.3% YoY to LKR166.2 mn in 3Q15. SDB’s net earnings for 3Q15 grew by c.59% YoY backed by the strong performance in core banking operations and Leasing & HP segments. NII increased by 32.2% YoY though net fee & commission income dipped by 6.1% YoY to LKR61.2 mn. Moreover, total impairments saw a notable decrease of c.110% YoY due to the recoveries made during the quarter. Thus, total operating income inclined by 26.3% YoY despite total operating expenses growing by 40.8% to LKR580.1 mn and caused the bank’s cost to income ratio (excluding prov.) increase to 63.1% cf. 56.6% in 3Q14. Meanwhile, SDB’s aggregate net earnings stood at LKR580.0 mn (+84% YTD) with NII at LKR2.5 bn (+46% YTD) and net fee & commission income at LKR188.7 mn (+30% YTD).

Net Interest Income (NII) growth of 32.2% YoY to LKR841.0 mn was backed by the interest income rising c.41% YoY to LKR1.7 bn as SDB’s net loan book grew 70.2% YoY (+35% YTD) to LKR43.2 bn. Also a c.741.1% YTD increase to LKR2.5 bn was recorded from investments held-to maturity. However, SDB’s interest expense also witnessed an increase of c.52% YoY) to LKR876.3 mn in 3Q15 contributed by the bank’s deposit growth of 43.2% YoY (+30% YTD) to LKR39.4 bn and other borrowings increasing by c.48% YTD to LKR6.8 bn. Further NII grew by c.46% YTD to LKR2.5 bn backed by the bank’s strong performance in core banking operations whilst Net Interest Margins (NIMs) were sustained at 7.3% as at 3Q15.

Non-interest income dipped c.6% YoY to LKR61.2 mn backed by the c.6% YoY decrease in fee & commission income to LKR61.8 mn and an increase in fee & commission expenses by c.15% YoY to LKR0.5 mn. Non-interest income grew by c.30% YTD to LKR188.7 mn backed by the c.29% YTD growth in fee & commission income mainly from core banking operations with expenses declining by c.10% YTD to LKR1.7 mn.
Gross NPL’s improved to 3.0% in 3Q15 from 5.0% in 3Q14 backed by SDB’s unique wholesale lending franchise through the SANASA societies, lower exposure to pawning and efficient credit disbursement processes. Further net NPLs of the bank also improved to 0.4% in 3Q15 from 2.8% in 3Q14.
The voting share offers good value. Stock is attractive at the current price as it trades on 1.2x PBV and 8.1x four quarter trailing PE (both at a discount to the banking sector by c.14% to the sector PBV of 1.4x and c.16% to the sector PE of 9.7x). Further SDB also had an increase in ROE, dividend per share and dividend yield in 2014, mainly due to the healthy turnaround in performance from 2013. Therefore, with the expected growth in the SME sector of the country and SDB’s unique wholesale lending franchise, the growth trajectory would boost SDB’s performance in the coming months.

CSE.SAS

Posts : 263
Join date : 2014-02-23

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