Seylan Bank after tax profit in 2021 surges by 52%
View(s):Seylan Bank recorded a Profit After Tax (PAT) of Rs. 4.6 billion for the year ended 31 December 2021 as Net Interest Income (NII) soared with an impressive growth of 20.98 per cent for the period under review compared to 4.64 per cent growth reported in 2020.
Despite the extremely challenging operating conditions that prevailed in 2021, the bank recorded a healthy growth of 46.62 per cent in Profit Before Tax (PBT) amounting to Rs. 6 billion compared to Rs. 4.1 billion recorded in 2020. Similarly, the bank’s PAT achieved a 52.11 per cent growth amounting to Rs. 4.6 billion in 2021 compared to Rs. 3 billion recorded in the previous financial year, the bank said in a media release.
Though the bank’s overall interest income for the period under review recorded a decrease of Rs. 4.3 billion to Rs. 46.8 billion in 2021, interest expenses for the financial year decreased at a higher percentage of 26.66 per cent to Rs. 23.2 billion compared to Rs. 31.6 billion recorded in 2020.
The bank recorded a total operating income growth of 23.71 per cent amounting to Rs. 31.4 billion in 2021 compared to Rs. 25.4 billion in the previous financial year.
The bank recorded an impairment charge of Rs. 10.4 billion in 2021 compared to Rs. 7 billion reported in 2020; with a growth of 49.03 per cent.
It said in the year under review, the credit quality of the ‘Individually Significant Loans’ was critically evaluated, and appropriate provisions made, although some of those customers were within the debt moratorium.
“Adequate provisions were also made under the Collective Impairment to capture the impact of the sluggish economic conditions prevalent in 2021, though part of the customers still continue on debt moratoriums,” the statement said.
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