Seylan pre-tax profits reach Rs. 2.2 bln
View(s):Seylan Bank reported a pre-tax profit of Rs. 2,269 million for the 9 months ended 30th September 2013 while post-tax profit reached Rs. 1,536 million, down a 3.9 per cent from the earlier year corresponding months.
Post-tax profit for the third quarter 2013 was Rs. 534 million against Rs. 638 million for the same period last year, according to a bank statement.
Despite subdued credit growth and industry wide pressure on interest margins, net interest income increased from Rs. 6,800 million to Rs. 6,847 million while fee and commission income increased 24 per cent to Rs 1,542 million showing a consolidation of the solid growth in core banking activities achieved by Seylan Bank over the past few years.
During the 9-months under review the bank said it also focused considerably on cost containment. As a result of many effective cost containment initiatives, total personnel and overhead cost was contained at 5.6 per cent increase.
In September 2013, Fitch affirmed the bank’s rating at ‘A-lka’ with a stable outlook. The bank has also embarked on an exercise to review, update and extend its Strategic Plan to 2016.