Fonseka is CEO of the Year

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The Outstanding CEO Award for 2006 was conferred to Mr. Nihal Fonseka, CEO of the DFCC Bank of Sri Lanka.

Mr. Fonseka joined DFCC Bank, the country’s premier bank, in year 2000 as its chief executive, after a career spanning 23 years in the banking industry. He is highly regarded as a professional in the financial services by the industry, the business community, multilateral agencies, regulatory authorities and the government. He holds many positions of importance in business associations and think-tanks.

Recognizing the demands imposed by the unusual structure of a non-state-owned DFI, he has worked steadfastly with a view of changing the institution from a “good to great” one in a rapidly changing financial landscape.

Mr. Fonseka has progressively embarked on a series of initiatives to attain this aim and, in particular, committed the institution to invest significantly in automation, centralization of processing, human capital development and product diversification.

These initiatives, coupled with strong risk management, greater delegation of authority, accountability and performance-based rewards, have transformed his institution into a forward-looking, modern financial services conglomerate and raking it among the best in the country as measured by key performance indicators.

Under his 5-year stewardship, the financial performance and strength of his bank grew from year to year. Among these are: a growth of 374% of market capitalization, 250% increase in net profit, return on equity of 14.3% and current savings per share of 23.56 Rupees.

Mr.Fonseka’s vision of his bank as the country’s premier financial services group is premised on his belief that modern-day customers require a full range of financial products and services, without losing sight of balancing this with a social responsibility of supporting entrepreneurship development and creating value for its shareholders.

Mr. Fonseka dedicated his win to his bank’s corps of officers and staff and to his family whom he said have supported his career and long working hours.

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