SMIB.N0000 (State Mortgage and Investmetn Bank)

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BOC, People's Bank and NSB shows the success stories of State Banks. SMIB shows alarming NPL ratios of the banks and NBFIs.

Once again there is no code as SMIB.N0000 in CSE as it is not a listed company but I include for covering the Financial Intermediaries of the island.

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STATE MORTGAGE & INVESTMENT BANK - SRI LANKA

The year 1931 saw the fusion of two powerful banking entities, the Ceylon State Mortgage Bank and the Agricultural and Industrial Credit Corporation, giving birth to what would later be known as the Housing Bank to the Nation. The State Mortgage & Investment Bank became fully operational on the first day of the year 1979, and the story that unraveled thereafter is one that tells hundreds of other stories, of people across the island, who've built their dream, with the help of a bank that's sole purpose is to help those dreams come true.

That's how the company state in its web.

SMIB can be compared with HDFC.PLC

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2008 seems to be negative for Housing market of the world.

[nihal123]

Thanks YK