Seylan Bank Plc reported its best ever fourth quarter results, reflecting a growth of 82% over last year to post a net profit of Rs. 699.73 million for the quarter ending 31, December 2011, while recording Rs 1 billion as last year's net profit, according to officials.
A statement quoting Chairman of Seylan Bank, Eastman Narangoda said that this net profit for the entire year surpassed Rs. 1 billion - even after the extraordinary cost of Rs. 698.7 million incurred for the Voluntary Retirement Scheme last March. He has said that whilst last year's net profit of Rs. 1,003 million is below 2010 profit figure of Rs. 1,229 million, but with the VRS cost (Rs. 698.7 million) factored out, 2011 results would have significantly exceeded last year's performance.
During the year, significant growth was evident in the loan book, which grew by 27.6% to reach Rs. 97.5 billion with deposits recording a growth of 9.5% to reach Rs. 121 billion as at end of the year. Seylan's total assets stood at Rs. 166 billion recording a growth of 11% over 2010 and the statement said that the robust growth in the bank's core business activities in the second half of the year saw the momentum increasing significantly in the last quarter.
Seylan's equity ended the year at Rs. 17.5 billion significantly higher than Rs. 12.1 billion recorded last year. This enabled the Bank's Capital Adequacy Ratio (Tier II) to reach 14.53% (2010 - 12.07%) for 2011, one of the highest in the industry.'
In terms of efficiency, the bank was able to rationalize overall staff numbers from 3,622 in 2010 to 3,150 as at end 2011, the statement said, adding that this reduction, despite expansion, was possible due to efficiency obtained through re-structuring, centralisation, automation and process re-engineering.
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