Seylan Bank records 27 percent growth
Seylan Bank, recorded a strong quarterly performance with Profits
before Income Tax reaching Rs. 968 million, a 21% increase for the three
months ended March 31, 2015. Profits after tax recorded a growth of 27%
to reach Rs. 651 million compared to the Rs. 514 million reported in the
corresponding period in 2014.
Despite industry-wide pressure on interest margins and growth, Net
Interest income increased by 20% to Rs. 2.80 billion for the three
months ended March 31, 2015.
Net fee and commission income increased by 9% from Rs. 515 million to
Rs. 562 million during Q-1 2015, showing a consolidation of the solid
growth in core banking activities achieved by Seylan Bank over the past
few years.
The Net Advance portfolio of the Bank grew from Rs. 154.9 billion to
Rs. 155.2 billion during Q-1, while its deposit base marginally reduced
from Rs. 185.9 billion to Rs. 185.0 billion during the three months
under review.
As a result of the performance, Earnings per Share were at Rs. 1.89
for Q-1 2015, while Return (Profit Before Tax) on Assets and Return on
Equity stood at to 1.55% and 11.03%. |
