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Sunday, 28 October 2012

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Seylan records impressive performance

Seylan Bank has recorded an impressive Q3 performance with profits before VAT and Income Tax reaching Rs. 3,130 m for the nine months ended September 30, 2012 - a 120 percent growth over the corresponding period last year, a media release from the Bank stated.

Profit before VAT and Income Tax (before the exceptional VRS costs) for the nine months ending September 2011 was Rs. 1,424 m. Profits after tax for the nine months increased to Rs. 1,604 m from Rs. 303 m recorded last year.Despite controlled credit expansion, the Bank's strong performancecontinued to be driven by growth in its core banking operations. Net interest income increased by 12 percent to Rs. 6,418 m for Q3 2012, resulting from selective growth in quality advances and effective management of margins.

Despite challenging market conditions the bank was able to maintain its net interest margins at 4.95 percent, a slight improvement as compared to 4.91 percent in December 2011.Non-interest income increased from Rs. 1,698 m to Rs. 1,816 m in the first nine months of 2012. This was achieved despite a general slow down in import-related activities, through diversifying into various other trade finance and cash management services.

During the nine months under review the Bank maintained its focus on controlling its overhead costs.

 

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