Commercial Bank biggest lender to SME sector in 2022
View(s):One in every three loans provided to small and medium enterprises (SMEs) in Sri Lanka by lending institutions in 2022 was by the Commercial Bank of Ceylon, recently released official government figures reveal.
This reaffirmation of Commercial Bank’s status as the largest lender by far to the country’s SME sector comes in the 2022 Annual Report of the Ministry of Finance, which shows that the Commercial Bank accounted for 34.2 per cent of the total loans provided to the SME sector by commercial and specialised banks, the bank said in a media release.
Commercial Bank lent Rs. 195.852 billion out of Rs. 619.891 billion in loans provided to SMEs by the 18 institutions in 2022, while the number of loans granted by the bank was 43,427 from the total of 126,899 loans granted in the reviewed year. Commercial Bank’s contribution was particularly evident in the industries category, with the bank accounting for more than half of the total number of loans provided to the category by all banks.
Commenting on this important validation of the bank’s contribution to the country, Commercial Bank’s Managing Director/ CEO Mr Sanath Manatunge said: “In our journey of fulfilling our vision and mission as well as our duty as a bank that is systemically important to the national economy, it is deeply satisfying to see that we are making a truly significant contribution to the SME sector, even in challenging times. This is made possible by our continued commitment to this all-important segment supported by dedicated processes and infrastructure to cater to specific needs of SMEs.”
In order to revitalise businesses that are under-performing due to various reasons, the bank set up a Business Revival and Rehabilitation Unit in 2020 to proactively support businesses that show early warning signals. During the year under review, the special unit assisted many SMEs while providing support services to regenerate their momentum.
SMEs have also faced difficulties in sustaining their operations due to other factors, including the shortage of foreign currency reserves, import restrictions, supply disruptions and resource mobilisation limitations in the reviewed year. The bank said it has adopted a systematic approach to help manage various challenges, creating fair opportunities for all customers.
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