Strong performance from Seylan Bank in Q1 2024
View(s):Seylan Bank has announced growth in its Q1 2024 financial results as at March 31, 2024, with a pre-tax profit (PBT) of Rs.3,704 million, marking a 115 per cent increase compared to Q1 2023.
The bank’s post-tax profit (PAT) also witnessed a growth of 102 per cent, at Rs. 2,295 million, it said in a media release.
The bank’s Net Interest Income decreased by 17.71 per cent from Rs.11,388 million to Rs.9,371 million over the previous year.
The bank’s Total Operating Income was at Rs.11,707 million, a decrease of 12.51 per cent compared to the corresponding period of 2023, driven mainly by a reduction in Net Interest Income. However, other income comprising net gains from trading activities, net gains from de-recognition of financial assets, and net other operating income, reflected an overall increase of 127.22 per cent compared to the corresponding period of 2023.
The bank recorded an impairment charge of Rs.1,555 million in Q1 2024, a reduction of 75.57 per cent over the corresponding period mainly due to enhanced credit quality and strengthening of recovery initiatives.
Total Operating Expenses recorded an increase of 15.42 per cent from Rs.4,441 million to Rs.5,126 million for the 3 months ended 31st March 2024. Personnel expenses increased by 21.49 per cent from Rs. 2,237 million to Rs. 2,718 million mainly due to increases in staff benefits based on the recently concluded collective agreement. Other Operating Expenses and Depreciation and Amortisation expenses also increased by 9.25 per cent due to increased prices in consumables and services over the period demonstrating the bank’s continued measures to curtail costs through various cost reduction initiatives.
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