Banks are not impervious – Britto

DFCC Vardhana Bank applies for five branches in NE

DFCC Group Chairman Rajan Britto on Monday said that although many banks in Sri Lanka claim large profits, the banks are not impervious to the economic crisis affecting the economy.
“The number of Non-Performing Loans has increased and since consolidation of banks is not allowed in Sri Lanka, many banks are finding it difficult to grow alone. Sri Lanka is also the only country where you are taxed twice or thrice for the same sources of income so along with high level of taxes there are many difficulties we face,” Britto said.
However, the bank which witnessed a growth rate of 58% last year compared to the industry growth of 8% is intending to take advantage of the peace prevailing in the country and expand their network with branches in the North and East.

Full Story...