Seylan Bank PAT tops Rs. 1 bln in Jan- June
View(s):Seylan Bank says it had an ‘impressive performance’ with post tax profit in the six months to June 30, 2013 reaching Rs. 1 billion.
In a media statement, the bank also referred to the sharp and sustained drop in gold prices and its resultant impact on the pawning base, sluggish credit off-take and industry-wide pressure on interest margins. Net interest income fell by 3 per cent to Rs. 4.33 billion for. However, somewhat offsetting the above, fee and commission income increased by 28 per cent from Rs. 763 million to Rs. 973 million with the bank increasing its focus on trade finance and fee income generating products and services.
Despite fierce competition the deposits base grew from Rs. 146.7 billion to Rs. 155.6 billion.
Net Advances portfolio grew from Rs. 124.7 billion to Rs. 130.5 billion during the six months under review, despite lower than expected credit demand and the impact of lower gold prices on pawning related activities.
The bank said it was also able to improve its asset quality through effective recovery and rehabilitating efforts, helping in significantly reducing Gross NPA (net of IIS) from 12.99 per cent in December 2012 to 11.15 per cent as at end June 2013.
As at 30 June 2013, the bank network comprised 149 branches, 156 ATMs and 78 Student Savings Centres.
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