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| Sunday, 1 May 2005 |
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Business |  |
| News Business Features Editorial
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Seylan Bank ups profits in 2004 The Balance Sheet of Seylan Bank reflected the improved performance in 2004 by indicating a 21.64% growth in loans and advances and 15.06% growth in deposits. The total assets of the Bank also grew by 10.16%, which is a reflection of the investments of new funds that have been mobilised through the new deposits during the year. Profit on ordinary activities after normal loan loss provision, before the additional loan loss provision and taxes amounted to Rs. 1.489 billion showing a substantial growth of 70.7% over the previous year's profit of Rs. 0.872 billion. The net interest income increased by 8.5% over the previous year as a result of focusing on mobilising low cost deposits which is reflected in the reduction of interest expenses by 3.5%. Under the new provisioning requirements by the Central Bank of Sri Lanka, an additional provision of approximately Rs. 800 million was made during 2004. The Bank's overhead costs were also controlled through focused strategies including the setting up of a special cost control committee thereby maintaining the cost to income ratio at an industry-accepted level of 62.01%. The Board of Directors of the Bank have recommended a first and final dividend of 16% to its ordinary shareholders (voting and non-voting), up from 15% last year, and a dividend of 8.68% for its Preference shareholders, in accordance with the terms of the issue (1% over the Weighted Average Treasury Bill rate of March 2004) for the year 2004. |
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