Sarvodaya Development Finance (SDF) has reported its highest-ever profits for the financial year 2023/24, driven by significant growth in key financial metrics:
- Net Interest Income: Increased by 43.5%
- Total Operating Income: Rose by 45.7%
- Profit Before Tax: Surged by 36.4%
- Profit After Tax: Climbed by 12.6% to LKR 249.5 million
SDF’s Total Assets grew by 27.7%, surpassing the industry average of 7.7%, while the Lending Portfolio increased by 29.5% against the industry average of 4.5%. Deposits rose by 21%, outpacing the industry’s 8.8%.
Key performance indicators also improved:
- Return on Equity (ROE): Increased to 7.1% from 6.6%
- Return on Assets (ROA): Remained steady at 1.9%
- Cost to Income Ratio: Reduced to 53.9% from 63.0%
CEO Nilantha Jayanetti highlighted the company’s growth: “Our record-breaking growth in profitability and asset expansion reflects our commitment to delivering sustainable value to our diverse stakeholders. As we look to the future, we are well-positioned to leverage the emergent economic recovery and sustain our direction towards strong performance.”
Chairperson Channa de Silva emphasized the strategic focus on sustainable development and social responsibility: “By focusing on partnerships and innovative practices, we are enhancing both operational efficiency and contributing to our broader goals of financial inclusion and community development. Looking ahead, we aim to further expand our reach and support for community level businesses and entrepreneurs.”