Seylan says post-tax profits up at Rs. 2.3 billion
View(s):Seylan Bank’s post-tax profit was Rs. 2,315 million in 2013, up by 12 per cent from the previous year Profit after Tax for Q4 2013 (final quarter) was reported at Rs. 780 million as compared with Rs. 466 million for the same period last year, the bank said.
Despite slow credit growth and industry wide pressure on interest margins, Net interest income increased from Rs. 9,014 million to Rs. 9,830 million for the 12 months ended 31st December 2013. Fee and Commission income increased 25.5 per cent from Rs. 1,695 million to Rs. 2,127 million.
During the year under review the bank said it focused considerably on cost containment. As a result of many effective cost containment initiatives, Total Other expenses were reduced by 6 per cent from Rs. 3,299 million in
2012 to Rs. 3,091 million in 2013. Total Personnel Expenses increased by 13 per cent, due to a salary revision granted to all staff at the beginning of the year.
The bank said (in a statement) that it grew its deposits base by 14 per cent from Rs. 146.7 billion to Rs. 167.3 billion during 2013.
“The bank also successfully concluded a review, update and extension of its current Strategic Plan to 2016. The areas of focus include Advance/Deposit growth, Branch Expansion, Customer Service improvement, Staff Development, non performing assets reduction, Cost Control, New Product Development, IT Infrastructure, Shareholder value, etc. The Strategic Plan also earmarks the opening of 100 libraries in under privilege schools over a period of 4-years. In the latter half of 2013, 11 such school libraries were opened by the bank,” the statement said.