ICRA Lanka reaffirms State Mortgage & Investment Bank Credit Rating

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ICRA Lanka Limited, the premier investment rating agency in Sri Lanka affiliated to Moody’s, has reaffirmed the issuer rating of [SL]BBB+ with a stable outlook to State Mortgage & Investment Bank (SMIB).

The rating factors in the 100% ownership by the Government of Sri Lanka and the comfortable capital adequacy ratios (CAR) of the Bank where it reported a Tier 1 capital ratio of 21.77% as on September 2021 (Regulatory requirement of 8.00%) and a total capital ratio of 22.87% (Regulatory requirement of 12.00%). The stable outlook reflects the 100% government ownership and the currently adequate capital levels of the Bank.

Focusing on the credit strength, SMIB has a good track record of financial and managerial support. The Board is represented by 3 government administrative officers representing ministries of finance, agriculture, housing and construction. The Government infused LKR 250 Mn in 2016 by converting a loan granted to the Bank into equity.

ICRA Lanka also takes cognisance of the Bank’s shift in focus from the highly secured EPF (Employee Provident Fund) loans to business and working capital loans, mortgage loans and personal loans. The Gross Non-Performing asset ratio (GNPA %) for the non-EPF (Non-Employee Provident Fund) portfolio stood at 11.22% as on September 2021; improved from 12.15% as on June 2021 (10.71% as on December 2020). Furthermore, according to the latest financial information available up to September 2021, the Bank’s core capital stood at Rs.5.8 billion, which is well above the current regulatory requirement of Rs.5.0 billion.

Dr. Udayasri Kariyawasam, Chairman – State Mortgage & Investment Bank said, “The rating reflects our solid position in the in these turbulent times. We at SMIB are glad that our hard work and commitment is reflected in the ICRA rating of BBB+ with a Stable Outlook.” The reaffirmed rating is in recognition of the remarkable progress achieved by SMIB during the recent past by implementing a strong, sustainable business model.

SMIB was initially incorporated as the Ceylon State Mortgage Bank (CSMB) in 1931. The Bank was founded by amalgamating the Ceylon State Mortgage Bank and the Agricultural and Industrial Credit Corporation under the State Mortgage and Investment Bank Law No. 13 of 1975. SMIB commenced its operations in 1979 and was granted the License to operate as a Specialized Bank by the Central Bank of Sri Lanka in 1998 in accordance with the Banking Act No. 30 of 1988.

Having recognised the importance of the Small and Medium Enterprises (SMEs) for national economic development, the Bank follows an inclusive financing strategy to strengthen SMEs in various industries with cost-effective financing options and advisory services. SMIB is also committed to enhancing its branch presence with digital-enabled touch points that will create greater convenience and accessibility to customers, while delivering tailored financial services designed to meet the emerging financial requirements of Sri Lankan individuals and businesses.

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