Seylan Bank PAT tops Rs. 1 b
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Chairman of Seylan Bank, Eastman Narangoda. |
Seylan Bank Plc reported its best ever Q4 results, reflecting a
growth of 82 percent over last year to report a post tax profit of Rs.
699.73 m (2010 - Rs. 383.91 m) for the quarter.
Chairman of Seylan Bank, Eastman Narangoda said, "Profit-after-tax
for the entire year surpassed Rs. 1 b. This was even after the
extraordinary cost of Rs. 698.7 m incurred for a Voluntary Retirement
Scheme.
The 2011 reported post-tax-profit of Rs. 1,003 m is below last year's
profit of Rs. 1,229 m. However, if the VRS cost (Rs. 698.7 m) is
factored out, 2011 results would have significantly exceeded last year's
performance".
During the year, significant growth was evident in the performing
Loan book, which grew by 27.6 percent to reach Rs. 97.5 b. Deposits too
recorded a growth of 9.5 percent to reach Rs. 121 b as at end of the
year.
Total assets stood at Rs. 166 b, recording a growth of 11 percent
over 2010. A notable feature was the robust growth in the Bank's core
business activities in the second half of the year with the momentum
increasing significantly in the last quarter. |
