Seylan Bank invests in IT for the future

Seylan Bank has made considerable investments in information technology to further develop “Fast Cash”, the fastest growing international Money Transfer Service which expanded its reach to nine additional locations in Australia, Bangladesh, Italy, Jordan, Kuwait, Lebanon, Oman and the United Kingdom enabling Sri Lankans living there to conveniently remit funds to their loved once back home, increasing the total inward remittances and thus contributing to the economy.

Beneficiaries of the money transfer service in Sri Lanka were introduced to a new “Flexi-loan” scheme whereby, they could avail themselves of a loan to meet their financial requirements, the lone being guaranteed by the remitter.

In addition, the beneficiary could also avail himself/herself of a “Wish Card” which could be credited with the rupee equivalent of the remitted amount and could be used to withdraw funds from any VISA enabled ATM without a charge or utilise it at any VISA merchant to purchase goods.

Seylan Bank PLC Group recorded a formidable pre-tax profit of Rs. 1.71 Bn for the financial year ended December 31, 2007 up 3.08% from 2006. The Group’s post-tax profit after minority interest grew by 4.15% to record Rs. 911 Mn for 2007.

Whilst the main contributor was Seylan Bank PLC whose pre-tax profit was Rs. 1.44 Bn the subsidiaries namely Seylan Merchant Bank Ltd., Ceylinco Seylan Developments Ltd., (CSD) and Seylan Bank Asset Management Ltd., also made useful contributions to the bottom line.

Seylan Bank PLC’s operating profit before VAT on financial services and income tax was a healthy Rs. 2.0 Bn. However, the profits were considerably taxed as a result of an effective rate of 60.65% being applied due to the two-tier tax system which amounted to Rs. 1.23 Bn liable as taxes during the year.

Under the auspices of Chairperson, Lady Dr. Sicille P. C. Kotelawala, the Bank also launched Rajina, the account that prides itself of being the strength of a woman in various aspects of her life.