Seylan Bank posts Rs 2.2b PAT
Seylan Bank recorded an impressive performance with Profit before
Income Tax reaching Rs. 3,490 million for the nine months ended
September 30, 2014.
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Seylan Bank Chairman Nihal Jayamanne |
Profits after Tax reached a record Rs. 2,253 million, a 47% increase
compared to the Rs. 1,536 million reported in the corresponding period.
The quarterly PAT figure (Q-3) of Rs. 1,041 million was an improvement
of 95% compared with Rs. 534 million reported in corresponding three
months of last year.
Net Interest income increased from Rs. 6.79 billion to Rs. 8.22
billion, a 21% increase for the nine months ended September 30, 2014.
Net fee and commission income increased by 7% from Rs. 1,542 million to
Rs. 1,648 million with the bank showing a continuation of the solid
growth trend recorded in the past few years.
During 2014, the Bank grew its deposit base from Rs. 167.4 billion to
Rs. 174.8 billion. The growth was predominately achieved through the
mobilisation of current and savings deposits, which enabled the Bank's
low cost deposit base to increase from 33% in December 2013 to over 36%
as at end September 2014.
The Bank's Net Advance portfolio increased from Rs. 136.5 billion to
Rs. 139.4 billion during the nine months.
Despite the decline in gold prices and its impact on the pawning
base, the Bank improved its asset quality with a significant reduction
in its Gross NPA (net of IIS) from 10.58% in December 2013 to a single
digit of 9.85% as at end September 2014.
The Bank also continued its CSR initiatives focusing on education and
accelerated its 100 libraries project for underprivileged schools.
Thirty-four school libraries were opened by the Bank during the nine
months of 2014. |
