Hungry For More

The bank has already expressed intentions to the top management of two Colombo based commercial banks, Citibank
quote s CEO Kapila Jayawardena told Lanka Business Online in an interview today.

rnrnldblquote We are not interested in acquiring a branch network. It is more in terms of a portfolio purchase to expand our local corporate base
dblquote , Jayarwardene said.

rnrnAccording to provisional numbers just released, Citibank
quote s profit before tax rose 35 percent to Rs. 452 mn for the year ended December 31, 2001, on a Rs. 1.15 bn income.

rnrnAssets have also swelled by a staggering 46 percent to Rs. 10.4 bn last year, despite gloomy economic conditions.

It has also maintained an above market Return On Equity of over 40 percent, according to US accounting conventions.

rnrnCurrently, trade facilities and working capital finance provided to multinational companies operating in Sri Lanka accounts for 35 percent of the bank
quote s loan portfolio.

rnrnExposure to the apparel industry has increased