OUTLOOK
We aspire to be a dominant player in the financial services industry in delivering superior returns to all our valued stakeholders whilst tapping our fullest potential.
We envisage a positive outlook for the Bank and the Group through revised strategies over the short, medium and long-term as follows:
- The Group’s overall goal is to generate superior financial performance leading to wealth maximization, through growing both fund based and fee based income and by integrating the Bank with the group companies generating enhanced revenue via cross-selling and realising cost efficiencies from synergies.
- We will adopt a liability led strategy by leveraging on our strong sales culture and our diversified and customer centric product portfolio.
- Strategically, we will diversify commercial banking and combine capital market expertise to grow our market share and achieve above industry growth.
- We will proactively and cost effectively address the evolving customer aspirations, we will further leverage IT and digital channels and achieve a competitive edge. In the medium to long-term the Bank intends to provide more of its offerings online, which will provide a seamless digitized banking experience to our clientele.
- Leveraging capital, we will continue our organic growth by expanding our branch network and by developing alternative channels to increase our low cost fund base.
- We will craft our marketing communications to ensure a consistent message across all media and channels, positioning our brand for top of the mind recall.
- Being in a highly competitive and fast moving industry, it is imperative that we innovate new products and services to increase our share of the customers’ wallet.
- We will seek to maximize opportunities while maintaining stringent risk management practices to optimize the risk/return trade-off.
- We consider ‘human capital’ as an important determinant of our competitive advantage and hence, we intend to reiterate our commitment to strengthening the skills and competencies of our people.
- We will engage with the community through meaningful and sustainable CSR initiatives leading to creating value to the society.
The Central Bank Road Map for 2017 has laid down guidelines for good corporate governance and sound practices in the financial sector which will promote secure and reliable payment systems as well as financial inclusivity. Our strategies are aligned well with the CBSL’s goals in the short, medium and long-term. Financial inclusion, giving emphasis to females is a priority for the Bank which we intend to pursue further in 2017.
Our plans include bringing the full range of products and services to all sectors, including agriculture, infrastructure, manufacturing and services; SMEs are also an important niche for us. Here again our strategy is in line with the Central Bank’s thinking. The Bank already has offerings catering to these different sectors of the economy tailored to their specific needs. With the strengths derived from our history as a development bank, we are well positioned to assist the national development thrust through our commercial banking products. We will continue to refine our products and services to deliver more and more value to these subsectors.
Another requirement of the Road Map is the strengthening of the capital position of the industry in accordance with the minimum requirements, enhanced by the Basel III guidelines. In this respect too, compliance is no hurdle for the Bank. Further expansion of our capital base was already on the horizon. The Bank is well positioned to comply with the Basel III guidelines by the deadlines laid down by the regulator.
