Seylan Bank records strong PAT of Rs.4.56 bn in 1H 2024
View(s):Seylan Bank recorded a robust performance with Profit After Tax (PAT) of Rs.4,558 million for the six months (H1) ending 30 June 2024, reflecting a strong 77 per cent growth from the Rs.2,575 million recorded in the same period in 2023.
The Profit Before Tax (PBT) reached Rs.7,331 million, showing a 76 per cent increase over the previous year, despite challenging market conditions, the bank said in a media release.
The bank’s Net Interest Income decreased by 9.18 per cent from Rs. 20,468 million to Rs.18,590 million, with the Net Interest Margin reducing to 5.17 per cent from 5.76 per cent.
The bank’s Operating Expenses increased by 13.80 per cent, from Rs.9,128 million to Rs.10,388 million, driven mainly by a 18.69 per cent rise in personnel expenses due to increased staff benefits.
Additionally, the bank recorded an impairment charge of Rs.2,956 million, a 69 per cent reduction from the Rs.9,559 million reported in 1H 2023, attributed to improved credit quality and effective recovery initiatives. Income tax expenses rose by 75.31 per cent to Rs.2,773 million, while Value Added Tax on Financial Services and Social Security Contribution Levy increased by 47.43 per cent and 47.07 per cent, respectively, over the previous year.
As of 30 June 2024, Seylan Bank’s total assets were recorded at Rs.725 billion, with Loans and Advances net of impairment at Rs.434 billion. Deposits stood at Rs.603 billion, with a notable increase in local currency deposits and a reduction in foreign currency deposits due to the local currency appreciation.
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