Page 9 - UBF AR 2018 - E Version

to documentation, procedures, processes and I take this opportunity to thank Mr. Alexis Lovell
systems with emphasis on upgrading service Chairman and my colleagues on the Board for
standards and introducing value added services. their support and guidance. Special thanks to
Mr. Davis Golding and Mr. Upali Wijeyesekara
Tightening macro finance economic conditions who retired during the year, for their invaluable
saw severe strain on liquidity especially in advice and many contributions made since the
the micro finance sector. This has resulted acquisition of the Company. I also welcome Ms.
in an increase in NPLs across the financial Lisa G. Thomas to the Board. I am confident that
services industry during the year. The Company the Company will benefit immensely from her
tightened its credit policy and recovery process extensive and varied multinational experiences
in an preemptive measure to control NPLs. As in the financial services sector. I also thank
90% of the accommodations are backed by my Chief Operating Officer Mr. Suresh Kandiah,
underlined assets the Management is confident the Corporate Management Team and Staff for
that the Company is insulated from this industry their wholehearted commitment enabling us to
wide issue. steadily steer the Company through turbulent
waters. My thanks are also extended to the
Risk management, compliance & corporate Governor, the Directors and other officials of
governance have always been the structural the Central Bank of Sri Lanka and to M/s. Ernst
back bone of the Company enabling UBF to & Young the external auditors for their good
grow rapidly in a disciplined manner. During governance, support and advice throughout
the year in concern many steps were taken to the year.
align these processes with the Parent Company
Union Bank. The continued achievements of your Company
would not be possible without the support of
Human Capital plays a key role in delivering the Shareholders, Depositors, Customers and
service excellence in the financial service other Stakeholders. On behalf of the Board
sector. UBF maintains a performance driven, of Directors I sincerely thank you for the
service oriented, integrity based culture. confidence and trust placed in us.
Attracting and retaining employees in general
has become increasingly difficult in the existing Ransith Karunaratne
environment. Despite same the UBF team Director / Chief Executive Officer
consists of many young driven individuals who
are mentored, trained and fostered into the UBF
team where the entire employee experience
is enriched through empowerment, career
development, increased performance based
rewards and personal affirmation.

The operating environment is likely to remain
challenging in the coming year. However, we
remain optimistic that UBF will outperform the
industry as in previous years. The Company
will continue to consolidate its business
operations while leveraging on group synergies
and strengthen specifically identified product
lines to grow and enhance the Company. The
Company is also in the process of developing
a new core IT system to manage its products
and digitize all processes and activities. Change
management through timely adaptability and
flexibility will be key to running a successful
business operation and UBF believes this will
propel the Company towards achieving its
vision of being Sri Lanka’s preferred financial
services provider.

Annual Report 2018 7