Seylan Bank PAT up at Rs. 514 M in Q1
View(s):Seylan Bank made gains in the first quarter of this year with a 9 per cent increase in profits before income tax at Rs.789 million, a media release issued by the bank stated.
Profits after tax reached Rs. 514 million compared to the Rs. 505 million reported in the corresponding period in 2013.
Despite slower than expected credit growth and industry wide pressure on interest margins, Net Interest income increased by 13.7 per cent to Rs. 2.45 billion for the three months ended 31st March 2014, it was stated.
Net fee and commission income increased by 11.67 per cent from Rs. 461 million to Rs. 515 million during the first quarter of this year, showing a consolidation of the solid growth in core banking activities achieved by Seylan Bank over the past few years.
The bank also successfully concluded a review and update of its Strategic Plan in the latter part of 2013, which enable the extension of the bank’s Strategic Plan to 2016, it was stated.
The areas of focus include Advance/Deposit growth, Branch Expansion, Customer Service improvement, Staff Development, NPA reduction, Cost Control, New Product Development, IT Infrastructure, Shareholder value, etc.
The bank’s deposit base grew from Rs. 167.4 billion to Rs. 170.5 billion during Q-1, while its Net Advances portfolio marginally reduced from Rs. 136.5 billion to Rs. 131.8 billion during the three months under review.
The bank’s total Capital Adequacy ratio stands at 15.70 per cent at the end of Q -1 2014, well above the regulatory requirements.
As a result of the performance, Earnings per share were at Rs. 1.49 for Q-1 2014, while Return (profit before tax) on Assets and Return on Equity stood at to 1.47 per cent and 9.48 per cent, respectively. The bank’s Net Asset Value per share as at 31st March 2014 was Rs. 62.64 (Group Rs. 65.30).