Cargills Bank released its Annual Report for 2021, highlighting resilient performance during the financial year on account of portfolio growth and improved asset quality, amidst a challenging operational environment. The Bank’s deposit portfolio grew by 26% to Rs. 40.2 billion, while loans and advances increased by a healthy 39% during the year under review to Rs. 40.5 billion. Total assets increased by 20% to Rs. 55.8 billion, while total operating income rose 22% YoY to Rs. 2.5 billion on account of a strong core and fee-based income growth.
In his annual message, Cargills Bank Chairman Ranjit Page stated: “True to the tagline of ‘Banking on the Human Spirit,’ the Bank achieved growth across all key parameters, carefully navigating the challenges in the environment. The management implemented a number of initiatives to steer the performance of the Bank, improve operating efficiencies, utilise technology to optimise our channels and processes, enhance internal controls, and stringently manage recoveries, thereby ensuring the Bank emerged stronger than in the previous year.”
Attributing the turnaround in the Bank’s performance to the unified effort of the team, Cargills Bank Managing Director/CEO Senarath Bandara in his annual message stated: “Continued growth in our Retail portfolio not only improved the stability of our loan book but also supported the interest margins. The Bank’s SME and Business Banking portfolios also reported strong growth during the year, which facilitated fee income streams throughout the calendar year.”
Cargills Bank reports ‘resilient’ performance in 2021
27 Mar 2022
Cargills Bank reports ‘resilient’ performance in 2021
27 Mar 2022
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