Seylan Bank growth up 27 per cent in 1stQ
View(s):Seylan Bank recorded a strong quarterly performance with pre-tax profit reaching Rs. 968 million, up 21 per cent for the first quarter ending 31st March 2015. Post-tax profit was up 27 per cent to reach Rs. 651 million compared to Rs. 514 million in the corresponding period in 2014.
The bank said in a media release that despite industry wide pressure on interest margins and growth, Net Interest income increased by 20 per cent to Rs. 2.80 billion for the period under review. Net fee and commission income increased by 9 per cent from Rs. 515 million to Rs. 562 Million during Q-1 2015, showing a consolidation of the solid growth in core banking activities achieved by Seylan Bank over the past few years.
The bank, based on its 4-year Strategic Plan (2012 – 2016), has focused significantly on areas which include Advance/Deposit growth, Branch Expansion, Customer Service improvement, Staff Development, NPA reduction, Cost Control, New Product Development, IT Infrastructure, Shareholder value, etc. The Strategic Plan also earmarks the opening of 100 libraries in under-privileged schools. 57 such school libraries have been opened by the Bank, since 2013, the release said.