Secret of fat profits in local banks!

Are banks exploiting the gullible, ignorant and illiterate fellow Sri Lankans?

By W.T.S. F. Abeysinghe

It is baffling, that despite terrorism, civil war, tsunami, financial crises or any other crises affecting all other sectors, how Sri Lankan banks make ‘hay’, day and night, every day. 
Annually, the government is happy to take away more than 50% of profits from the banking sector as various ‘Taxes,’ and the regulatory authorities hardly seem to bother as to how the profits are made.   
What is the magic in high bank profits?
Is it due to exceptional skills of bank boards, CEOs or some black magic? 
Sri Lankan Banks (including the State Banks) are culpable of ‘Picking the Pockets’ of hapless, financially illiterate, gullible and ignorant fellow Sri Lankan people to make fat profits and enjoy fat bonuses, whilst the Financial Ombudsman and the Central bank seem to be taking a deep slumber.  

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