Seylan Bank’s Rs 600 million Voluntary Retirement Scheme (VRS) open to 250 of its 3622 employees for Rs 600 million, is being available on an exclusively on-line basis in a first time case in the history of Sri Lankan banking, according to Seylan officials.
“We finalised the Rs 600 million VRS scheme and the online offer is a first time in this industry,” a Seylan official told the Business Times on the sidelines of a media conference to launch its annual report titled ‘A Business Case’. He said that Seylan has 8% of employees nearing retirement age, but it’s not clear how many will accept it.
He noted that with this VRS, Seylan will also roll out a series of strategic measures such as organizational restructuring, investment in advanced technology, and employee job enrichment and engagement processes by benchmarking international best practices from within and outside the country. The Business Times reported this in late February.
Seylan Bank recorded a net profit of Rs. 1.2 billion for 2010 which is a 126% increase compared to Rs. 543 million for the previous financial year. Pre-tax profit, at Rs. 1.9 billion, was up by a staggering 124% from 2009, the highest ever profit figure earned by the bank since its inception.
Eastman Narangoda, Chairman Seylan told the Business Times that with the expected growth in the economy and credit growth gathering momentum Seylan would be able to grow its loan book significantly in the coming years.
He added that Seylan’s loan book would be driven by long term lending for large scale investment projects coupled with agriculture and small and medium sectors.
Seylan’s cost-to-income ratio increased slightly from 67.82% to 68.69%, while the Capital Adequacy Ratio has remained above 12% in both 2009 and 2010.
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