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» Sri Lanka bad loans grow to 4.8-pct in June after soft-peg collapse
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyToday at 3:58 pm by The Invisible

» Banks, Finance & Insurance Sector Chart
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyToday at 3:51 pm by The Invisible

» HNB Update
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyToday at 3:39 pm by The Invisible

» Cricket, meet Capitalism
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyToday at 12:26 pm by nuwanmja

» SAMP.N0000 (SAMPATH BANK PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyToday at 5:19 am by NIRMALSG

» Thread for News on CSE and SL Economy
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyToday at 5:10 am by NIRMALSG

» Dividend Announcement
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyYesterday at 9:32 pm by nihal123

» Browns Investments update
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyYesterday at 7:45 pm by The Invisible

» LOFC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyYesterday at 1:03 pm by Fireandwater

» "පියසේනට දැං සනීපයි..."
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyYesterday at 10:47 am by Yin-Yang

» What's going to happen
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyYesterday at 6:26 am by serene

» TJL.N0000 (Textured Jersey Lanka PLC.)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jul 18, 2019 11:50 am by serene

» CFVF - First Capital
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jul 18, 2019 7:43 am by serene

» විද්‍යාව මිස්ගේ පාඩම...
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Jul 17, 2019 7:27 am by sanjulanka

» Trading Journal
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyTue Jul 16, 2019 11:50 pm by pathfinder

» වචන නම් අපේ ඒත් තනුව ?????????
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyTue Jul 16, 2019 8:08 pm by Rana

» Access Engineering AEL Technical Analysis
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jul 15, 2019 3:07 pm by NIRMALSG

» Tourism sector
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Jul 14, 2019 8:57 am by NIRMALSG

» LFIN - LB Finance
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jul 11, 2019 11:27 am by Ethical Trader

» අපි නොදන්න චෙස් කිව්වලු !
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyTue Jul 09, 2019 6:25 pm by serene

» Stock Market to stay Bullish
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jul 08, 2019 7:51 am by කිත්සිරි ද සිල්වා

» Is an emoji a word or a gesture?
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jul 08, 2019 7:46 am by කිත්සිරි ද සිල්වා

»  Rajgama Heroes !
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jul 08, 2019 7:39 am by කිත්සිරි ද සිල්වා

» HHL.N0000 ( Hemas Holdings PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Jul 07, 2019 12:25 pm by dhanurrox

» Checkmate, meatbags !
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Jul 07, 2019 7:20 am by spw19721

» GLAS.N0000 (PIRAMAL GLASS CEYLON PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySat Jul 06, 2019 8:13 am by කිත්සිරි ද සිල්වා

» සංචාරක පැමිණීම ක්‍රමයෙන් යහපත් වන ලකුණු
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Jul 05, 2019 6:11 pm by serene

» Easter Sunday Attack and Sri Lanka
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jul 04, 2019 8:46 am by කිත්සිරි ද සිල්වා

» අනං මනං! #/+?.<>
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Jul 03, 2019 10:07 pm by ruwan326

» First capital holdings
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Jul 03, 2019 1:37 pm by serene

» What to Analyse
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jul 01, 2019 11:33 am by serene

» අනිසි ලෙස කොටස් මිල හැසිර වූ ආයෝජකයින් දෙදෙනෙකුට සුරැකුම්පත් කොමිසමෙන් නඩු
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Jun 28, 2019 2:11 pm by Ethical Trader

» අද වෙන්දේසියේ දී බිල්පත් පොළිය පහළට.
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Jun 28, 2019 7:46 am by serene

» AAIC.N0000
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Jun 28, 2019 7:33 am by serene

» SERV - The Kingsbury
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jun 27, 2019 8:27 pm by ruwan326

» TPL.N0000 (TALAWAKALE PLANTATIONS )
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyWed Jun 26, 2019 2:22 pm by nuwanmja

» Life After Google
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyTue Jun 25, 2019 5:28 pm by කිත්සිරි ද සිල්වා

» S&P ශ්‍රී ලංකා 20 දර්ශකයේ වෙනසක්. CTC, NTB, රිචඩ් පීරිස් සහ ටෝක්යෝ සිමෙන්ති ඉවතට
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyTue Jun 25, 2019 6:37 am by nihal123

» Future of Tea Industry
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jun 24, 2019 6:54 pm by hammurabi

» Cricket !
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jun 24, 2019 2:22 pm by කිත්සිරි ද සිල්වා

» DIPD.N0000 (Dipped Products)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jun 24, 2019 11:40 am by Ethical Trader

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Jun 23, 2019 9:14 pm by hammurabi

» මිල සූත්‍රය වැරදුණාද, වැරැද්දුවාද?
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Jun 21, 2019 5:25 pm by Ethical Trader

» Happy Father's Day !
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyMon Jun 17, 2019 8:58 pm by spw19721

» DPL.N0000 (Dankotuwa Porcelain PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptySun Jun 16, 2019 7:12 am by NIRMALSG

» Re: Financial reports Q1-2019
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyFri Jun 14, 2019 8:57 pm by dhanurrox

» SEYB.N0000 ( SEYLAN BANK PLC )
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jun 13, 2019 8:11 pm by ruwan326

» NTB.N0000 (NATIONS TRUST BANK PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jun 13, 2019 8:08 pm by ruwan326

» PABC.N0000 (Pan Asia Banking Corporation PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jun 13, 2019 8:06 pm by ruwan326

» NDB.N0000 (NATIONAL DEVELOPMENT BANK PLC)
SANASA DEVELOPMENT BANK PLC (SDB.N : LKR.156.1)------Softlogic Equity Research EmptyThu Jun 13, 2019 7:58 pm by ruwan326

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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

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