Pre-tax profits at Seylan Bank exceed Rs. 3 bln
View(s):Seylan Bank said on Friday that pre-tax profits reached Rs. 3.1 billion for the 9 months ended 30 September 2012, up 120% growth from the corresponding period last year.
In a media release, the bank said post-tax profit for the same period was Rs 1.6 billion.
“Despite controlled credit expansion, the bank’s strong performance continued to be driven by growth in its core banking operations. Net Interest income increased by 12% to Rs. 6,418 Million for Q3 2012, resulting from selective growth in quality advances and effective management of margins. Despite challenging market conditions the bank was able to maintain its net interest margins at 4.95%, a slight improvement as compared to 4.91% in December 2011,” it said.The bank grew its deposits base by Rs. 13.8 billion. The bank plans to increase the number of branches to 150 from a current 139 in the first quarter of 2013.
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