This is Our Ninth Integrated Annual Report

This Integrated Annual Report of SANASA Development Bank PLC (“SDB bank” or “the Bank”) demonstrate the financial and non-financial performance of the Bank for the financial year 2022. This report has been prepared in accordance with the reporting requirement of the integrated reporting framework which considers the sixcapital management reporting structure to provide a balanced portrait of the Bank’s sustainable value creation during the period under review.

Scope and Boundary

The Report covers the core business operations of the Bank from 1st January 2022 to 31st December 2023 and contains information relating to financial and nonfinancial developments of the Company including a comprehensive coverage of value creation activities, strategy, business model, stakeholder engagement, risk management, and governance and practices, among other themes.

The most recent past report for the Financial Year 2021 is available for viewing and can be download from our corporate website – www. sdb.lk

Materiality

The principle of materiality has been applied in selecting and prioritising the material matters that determine the content for this report. Therefore, the material matters that could significantly affect the Bank’s ability to create value over the short, medium and long terms have been contemplated through a systematic process which is listed in pages 47 to 49.

Standards and Principles of Preparation

We have adopted the following key frameworks and guidelines in preparation of our Annual Report.

Financial

• Sri Lanka Accounting Standards issued by the Institute of Chartered Accountants of Sri Lanka
• Companies Act No. 07 of 2007
• Banking Act No. 30 of 1988 and amendments thereto
• Listing Rules of the Colombo Stock Exchange (CSE)

Non-financial Reporting

• International Integrated Reporting Framework of the International Integrated Reporting Council (IIRC)

Corporate Governance

• Code of Best Practice for Corporate Governance issued by the Institute of Chartered Accountants of Sri Lanka
• Banking Act Direction No. 12 of 2007 of the Central Bank of Sri Lanka on “Corporate Governance for Licensed Specialised Banks in Sri Lanka” and amendments thereto
• Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 and amendments thereto.

Sustainability Reporting

• Global Reporting Initiative (GRI) Standards- ‘In Accordance Core’, issued by Global Sustainability Standards Board
• United Nations Sustainable Development Goals (SDGs)

Forward Looking Statements

position and operations may imply an element of uncertainty due to many factors in the external environment. Therefore, readers are cautioned not to place undue reliance on such “forward looking statements” as the actual results may differ from the projected conclusions.

Assurance

Messrs Ernst & Young, the Banks’s external auditor, has provided assurance on the audited financial statements and reviewed the accuracy of the financial information given in this report. The external auditor’s report is available on page 169. The Board of Directors and the Management have reviewed the non-financial performance, strategy and risk information in this report and provide assurance that the report provide a fair and balanced view of material issues.

Feedback

Queries and clarifications, if any, on this annual report are to be directed to:

Chief Financial Officer
SANASA Development Bank PLC
No. 12, Edmonton Road, Kirulapone,
Colombo 06

Phone : +94 11 283 2515
Fax : +94 11 251 4245
Email : terrance.k@sdb.lk
Website : www.sdb.lk