The diversification strategy adopted by the Bank, together with enhanced operational efficiency, were behind the improved financial performance of the Bank which realized a net profit of Rs258 million for the FY2010/11, compared to Rs72 million for the corresponding period last year, in spite of the continuation of the low-yield environment for currency placements.
We have made some progress with the idea of setting up the Sovereign Wealth Fund which I had discussed quite lengthily in my previous Letter to Stakeholders. I have had follow-up discussions with the IMF and other central banks which have gone down this road.