Seylan Bank reports Rs. 902 mn post-tax profit in Q1 2020

Business

Seylan Bank has recorded a post-tax profit of Rs. 902 million in Q1 2020 despite challenging market conditions, the bank said in a public statement on Wednesday. This was marginally higher than the post-tax profit of Rs. 895 million reported in the same 2019 quarter.
Net interest income increased by 7.28 per cent during the 1Q 2020 while net fee and commission income from core banking activities witnessed an increase of 2 per cent to Rs. 986 million in 1Q 2020, compared to Rs. 966 million for the comparative period.
The statement said impairment charges for the period reached Rs. 1,116 million, which is an 89.41 per cent increase as compared to a charge of Rs. 589 million in Q1 2019.
Gross Loans and advances portfolio of the bank recorded a marginal growth of Rs. 613 million during 1Q 2020 and the net position recorded a negative growth of Rs. 228 million. The bank’s NPA ratio was 6.27 per cent as at end of Q1 2020.
“The bank and its employees jointly, contributed to a fund to support the eradication of COVID-19 pandemic. Through this it has undertaken improvements in the intensive care and critical care facility at the Colombo East Base Hospital as well as providing protective face shields to the Police Force and the Public Health Inspectors,” the statement said.

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