Strong showing from Seylan Bank
View(s):Seylan Bank has reported a strong performance despite challenges in the year 2023. The bank recorded a Profit before Tax (PBT) of Rs.10.08 billion for the period under review with a 52 per cent growth over the previous year while recording a Profit after Tax (PAT) of Rs.6.26 billion for the year with a 33 per cent growth over the previous year.
In a statement, the bank said its total assets grew by 6.7 per cent during the year under review to reach Rs.718 billion as at 31 December 2023.
Its’ Asset Quality Ratios of Impaired Loan (Stage 3) Ratio and the Impairment (Stage 3) to Stage 3 Loans Ratio stood at 3.85 per cent and 68.29 per cent in 2023, compared to 4.98 per cent and 54 per cent in 2022, which reflects a significant improvement in both ratios from the previous year. This is mainly due to appropriate provisions made by the bank, close monitoring of impaired loans and strengthening recovery actions & processes during the year.
The bank’s total Deposit Base grew by Rs.44 billion during the year 2023 to Rs.591 billion. The bank’s LKR Deposits reported a growth of Rs.38 billion and FCY Deposits reported a growth of Rs.6 billion. The bank focused on growing deposits by canvassing new deposits, while retaining its existing customer deposit base.
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