Seylan Bank records post-tax profit of Rs.6.59 bn
View(s):Seylan Bank recorded a Profit after Tax of Rs.6,593 million for the 9 months ended 30 September 2024 with a growth of 46.65 per cent against Rs.4,496 million reported in the corresponding period of 2023 despite a challenging environment.
Seylan Bank recorded a Profit before Tax (PBT) of Rs. 10,608 million for the 9 months ended 30 September 2024, against Rs. 7,181 million reported in the corresponding period of 2023 demonstrating a growth of 47.72 per cent, the bank said in a media release.
Net Interest income decreased from Rs. 30,554 million to Rs. 27,262 million, a reduction of 10.77 per cent compared with the previous year for the 9 months ended 30 September 2024, corresponding to reduction in Net Interest Margin from 5.76 per cent in 2023 to 5.03 per cent in Q3 2024.
The bank’s total operating income was at Rs. 34,264 million, a decrease of 8.32 per cent compared to Rs. 37,373 million recorded in the corresponding period of 2023, driven mainly by the contraction of net interest margins during 2024.
The bank recorded an impairment charge of Rs. 4,150 million during the 9 months ended 30 September 2024 against Rs. 13,447 million reported in corresponding period of 2023 with a reduction of 69.14 per cent, mainly due to enhanced credit quality and strong recovery initiatives. The impairment charge on Loans and Advances amounts to Rs. 4,189 million (2023 – Rs. 11,912 million) and impairment reversal on other instruments Rs. 39 million (2023 – 1,535 million) for the 9 months ended 30 September 2024. The bank has ensured the impairment provision is made to capture the changes in the global and local economy, credit risk profile of customers and credit quality of the bank’s loan portfolio in order to ensure adequacy of provisions recognised in the financial statements.
Income tax expenses stood at Rs 4,015 million which is a 49.51 per cent increase over the comparative period, which stood at Rs. 2,685 million due to increase in profits.
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