Seylan not in merger talks

In a release to the CSE March 8, Seylan Bank said that the Bank is not engaged in merger talks with National Development Bank PLC or any other entity at present.

Seylan Bank has, over the past five years delivered a consistent and impressive performance ending with a remarkable 2015 and accordingly, the Board was of the view that the Bank has robust and sustainable growth potential to continue to deliver optimal stakeholder value.

Based on the audited financial statements released to the CSE on March 3, the Bank reported a Profit after Tax of Rs. 3.83 billion (5-year CAGR of 25.53%), with a ROE of 15.62% and a ROA (after tax) of 1.4% for 2015. The Bank reported a Net Credit growth of 24.61%, with net advances growing from Rs. 154,963 Million in 2014 to Rs. 193,104 Million in 2015.

The Bank also grew its deposit base by 20.76% from Rs. 185,924 Million to Rs. 224,525 Million in 2015. The Bank's low cost deposit base comprising current and savings accounts (CASA) stood at 36% of the total deposit base as at December 31, 2015.

As at 31st December 2015, the Bank network comprised of 159 Branches and 182 ATMs. The Bank's total Capital Adequacy ratio stood at 12.87%, of which the Tier 1 ratio stood at 12.24% at the end of 2015, both well above the regulatory requirements.

In July 2015, Fitch affirmed the Bank's rating at 'A-lka' with a 'stable' outlook. As a result of the impressive performance, Earnings per share was at Rs 11.11 (Group Rs. 11.18) for 2015, while the Bank's Net Asset Value per share as at December 31, 2015 was Rs 72.63 (Group Rs 76.21).