Following is the text of press release issued by
Equity base of SIBL stood lower than the minimum capital requirement (MCR) of
In the absence of a clear roadmap with regards to future strategic direction attributable to pending developments at the regulatory level, any meaningful change in scope of activities undertaken by the bank is not expected.
In view of the constrained operating environment, SIBL has continued to scale down volume of business activities as per the Board's approved policy to contain risk. These primarily comprise investment activities while lending portfolio has remained restricted over the years.
Moreover, exposure to the stock market has marginalized over time. During 1QFY14, the bank reported higher revenues attributable to dividend received from its subsidiary that is being wound up.
While being MCR non-compliant, risks arising from the current balance sheet exposures are considered manageable in context of the bank's risk absorption capacity. Approximately 60% of the asset base is funded by the company's own equity. Moreover, around 47% of total assets comprise government securities reflecting sound liquidity and asset profile.
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