Seylan Bank’s strong post-tax profit of Rs.10 bn
View(s):Seylan Bank has posted a Profit before Tax (PBT) of Rs.16.04 billion for 2024 with a 59 per cent growth over the previous year, while recording a Profit after Tax (PAT) of Rs.10.05 billion with a 61per cent growth over the previous year, demonstrating a robust performance despite challenging macro-economic conditions.
The PAT of Rs.10 billion is the highest performance in the bank’s 36 year history, it said in a media release.
Net Interest Income of the bank was reported as Rs.37 billion in 2024 compared to Rs.40 billion in 2023 with a decline of 8 per cent corresponding to reduction in Net Interest Margins during 2024, due to reduction in market interest rates throughout the year.
The impairment charge on Loans and Advances and other credit related commitments amounted to Rs.6.6 billion (2023 – Rs.15.5 billion). The impairment reversal due to the SLISBs (sovereign bonds) exchange amounted to Rs.4.9 billion (2023 – Rs.1.5 billion charge).
The bank’s Personnel Expenses increased by 11 per cent to Rs.10 billion in 2024 mainly due to increase in the staff benefits based on the collective agreement entered in 2024.
All taxes reported an increase in 2024 compared to the taxes reported in 2023 mainly due to the increase in taxable income.
The bank focused on customer deposit growth and made necessary arrangements to canvass new Bank Deposits while retaining the existing customer base. The bank’s total Deposit Base grew by 9.33 per cent (Rs.55 billion) during the year 2024 to reach Rs.647 billion compared to total Deposits of Rs.592 billion reported in the previous year. The bank’s LKR Deposits reported a growth of Rs.59 billion and LKR equivalent of FCY Deposits reported a contraction of Rs.4 billion during the year.
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