Seylan Bank reports strong 1H 2023 profitability, growth

Seylan Bank has recorded an impressive Profit before Tax (PBT) of Rs. 4.2 billion, a 104.65 per cent increase for 1H 2023 compared to the same period in 2022.

In addition, the bank achieved a commendable Profit After Tax (PAT) of Rs. 2.6 billion, a 71.29 per cent growth over the corresponding period in the previous year, it said in a media release.

The bank's strong financial performance is highlighted by key indicators that underscore its pledge to excellence and sustainable growth. The bank maintained a healthy liquidity position with adequate buffers in terms of liquidity and capital for future growth.

The Overall Statutory Liquid Assets Ratio was 32.30 per cent as of 1H 2023, ensuring the ability to meet and exceed regulatory requirements and support operations effectively.

Seylan Bank's Net Interest (NII) Income increased by 21.47 per cent, reaching Rs.20.5 billion, while Net Interest Margin remained steady at 6 per cent.

While the bank witnessed a reduction in certain income categories due to fluctuations in foreign exchange rates, Seylan Bank remained steadfast to optimising its cost structure. The total expenses have increased by 25.88 per cent, reflecting measures taken to enhance employee benefits and adjust to changes in the economic landscape.

A key highlight of Seylan Bank's performance is the prudent management of impairment charges, which decreased by 15.88 per cent from the previous year. The Bank's commitment to maintaining adequate provisions to reflect changes in the global and local economy, customer credit risk profiles, and loan portfolio quality and expanded recoveries structure are part of its meticulous approach.