Annual General Meeting 2022 - Chairperson’s Message

I am pleased to present the audited financial statements and the Annual Report for 2022 to our valued shareholders and the public of Sri Lanka, on behalf of the Board of Directors of CRIB. This report reflects our commitment to transparency, highlights our financial performance, and outlines our dedication to enhance the financial ecosystem of Sri Lanka. We thank you for your trust in CRIB and unwavering support to it.


In 2022, the Sri Lankan economy grappled with formidable challenges, leading to a substantial contraction in the economy across all major sectors, including services, construction, tourism, manufacturing, and agriculture. These hardships were further exacerbated by input shortages and supply chain disruptions, creating a complex economic landscape.  In tandem with these challenges, several key factors that emerged both domestically and globally further intensified the economic crisis during the year. 

In order to safeguard the economy from potential macroeconomic instability, the Central Bank and the Government took several immediate and coordinated policy initiatives during the year. Although these have had a dampening effect on economic activities in the near term, they are expected to enable a robust and sustained recovery of the economy.  

As we reflect on the challenging economic landscape seen in 2022, it's crucial to acknowledge that the performance of CRIB was also affected by the adverse developments in the economy. Against the backdrop of the disruptions seen in the wake of the economic crisis, a slowdown in credit growth was observed. Consequently, primary income-generating avenue of CRIB was significantly hindered by the challenging operating environment that prevailed during the financial year. 


We remained committed to serving our stakeholders as we navigated a challenging 2022, recognizing our essential role in the face of adversity.  With an unwavering focus on the well-being of our employees, we ensured uninterrupted service delivery to our valued members. In our capacity as the National Credit Information Bureau, we delivered 6.1 million credit reports throughout the year marking a 27% deceleration from previous levels. As a result of these challenges, our recorded operational income dropped, to Rs 694.2 million for the period under review. However, it's noteworthy that our financial performance was bolstered by the high-interest regime during this period, leading to a substantial 122% surge in other income for the Bureau. As a result, our profit after tax increased from Rs. 660.9 Mn in 2021 to Rs 754.2 Mn in 2022. 

A significant milestone in our journey during 2022 was the compelling need to reach the successful technical go-live of our new system. The decision to procure this system was necessitated by the outdated nature of our previous Credit Information Management system, which lacked support from service providers and had numerous limitations, particularly in terms of scalability and capacity upgrades. This system had reached its end-of-life, prompting CRIB to search for a technologically advanced solution with the capacity to seamlessly accommodate future requirements of the financial sector. 

Prior to the technical go-live, we diligently conducted a pilot run and a parallel run to ensure system stability and build user confidence for a seamless transition with positive feedback from member institutions. Consequently, the technical go-live commenced on December 1, 2022, and concluded successfully by year-end, receiving favorable and constructive responses from all member institutions. 


A pivotal achievement during the year was the successful launch of the Technical Go-Live Phase of the Credit Bureau Core System. This marked a significant milestone in our ongoing efforts to strengthen our credit information management infrastructure. Our dedicated team worked diligently throughout the year, from conceptualization and development to rigorous testing and implementation, to bring this advanced system to fruition. This transformative solution is designed to revolutionize the way we manage and distribute credit information, emphasizing accuracy, security, and user-friendly accessibility with many enhanced products. 

Throughout the year, CRIB conducted extensive training sessions, tailored for Compliance officers, Business teams, and Technical teams of our member lending institutions. These sessions aimed to comprehensively educate participants about the new system's functions, advanced features, and innovative products, with additional focus on enhancing data quality. 

With the introduction of the new system, our capabilities have expanded to encompass non-financial data, including telco data, Utility data, and Insurance data. Furthermore, we could actively promote new products and features, such as credit score reports, monitoring and alerts, portfolio analytical reports, self-inquiry reports, batch reports and retrospective score analysis reports, while the automation of a majority of day-to-day operational functions enhances efficiency for institutions accessing our services. 

Amidst the economic conditions of 2022, our commitment to innovation and efficiency in credit information management remained steadfast. Despite the challenges posed by the economic climate, our dedication to delivering excellence in our services and systems continued unabated. 


Our forward-looking strategy is centered on our core objective of providing accurate and timely credit information to our users for their credit decision making. The new state-of-the-art credit bureau system will play a pivotal role in achieving this goal, transforming how institutions approach credit and risk evaluation, with a strong emphasis on promoting inclusivity and expanding access to credit across all segments of the economy. Additionally, within the statutory mandate of CRIB, we endeavour to provide regulators with valuable insights for informed policy decisions, leveraging on our credit scores and benchmarking and analytical reports. 

Another crucial aspect of our strategy involves enhancing our visibility along with many value added products and becoming a recognized credit bureau within the region. To achieve this, we will actively engage in various regional forums that not only boost our reputation as a regional player, but also serve as platforms for learning and adopting industry best practices to implement in Sri Lanka. 

In alignment with our commitment to inclusivity, we are working towards including microfinance institutions within the CRIB membership. We advocate for the enactment of the Credit Regulatory Authority Act, which would allow microfinance institutions to join the bureau and access its services. This initiative holds the potential to greatly benefit microfinance institutions by enabling them to maintain healthier lending portfolios and prevent consumers of over borrowing. In addition, our efforts have been directed at reforming the Secured Transactions Act No. 49, 2009. This reform aims to streamline the utilization of movable assets as collateral for financing, offering valuable input for the forthcoming draft bill. Through these amendments, the Act will empower small and medium-scale entrepreneurs to secure loans using movable assets as collateral, with the ability to register such assets in our electronic registry. We firmly believe that our ongoing initiatives and forward-thinking approach will establish CRIB as a vital institution contributing to the economic prosperity of the country. 


Throughout these turbulent times, CRIB demonstrated its commitment to navigating the economic challenges by providing unwavering support and uninterrupted services to its stakeholders.  In this regard, the contribution of the CRIB team led by the General Manager is highly commendable as they displayed their total commitment and extended their immense support, to serve the stakeholders. 

I would also like to extend my heartfelt appreciation to all our esteemed stakeholders, including the regulatory policy making authorities and the Central Bank for their continued confidence placed in CRIB. Their steadfast support has not only solidified our existing relationships but has also opened doors to establish new partnerships, even in the face of the most challenging circumstances.

Furthermore, my sincere gratitude goes out to the dedicated members of the Board of Directors for their invaluable professional guidance and continuous support. Their collective expertise has played a pivotal role in bolstering the bureau's performance, even during these tumultuous times. 

Lastly, but certainly not least, I would like to express my gratitude to all member lending institutions, service providers, individuals, well-wishers, and the broader public for their unwavering support in various capacities throughout this demanding year. Your diverse contributions have been instrumental in helping CRIB successfully navigate the complexities during the year 2022.