Seylan Bank profit drops in 1H 2022
View(s):Seylan Bank recorded a Profit after Tax (PAT) of Rs. 1,504 million for the 6-months ended 30th June 2022, a sharp drop from Rs. 2,105 million reported in the corresponding period of 2021, as the economy encountered its worst-ever crisis.
“This has been seen by financial analysts as commendable given the extremely challenging and adverse conditions the bank operated in, especially in Q2 this year,” the bank said in a statement.
The total impairment charge was Rs. 11 billion for Q2 2022 compared to Rs. 4 billion reported in the corresponding period of last year, representing a 183.49 per cent increase. “The bank increased the impairment provision to capture the impact on emerging global and local economic challenges and the credit risk profile of the customers,” it said.
Net Interest income increased from Rs. 10,971 million to Rs. 16,851 million, a growth of 53.60 per cent over the previous year for the 6-months ended 30th June 2022. The bank’s net fee based income increased by 27.36 per cent from Rs. 2,180 million to Rs. 2,776 million during 1H, mainly due to an increase in debit and credit card related income, commission income on e-banking, service charges on deposits and commission on remittances which were partly offset by decrease in guarantees related income and loans and advances related income.
Other income comprising net gains from trading activities, net gains from de-recognition of financial assets, net gains on foreign exchange transactions and other operating income increased by 37.20 per cent.
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