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Seylan Bank posted a record half-yearly performance with Profit before Income Tax reaching Rs. 2,579 Million for the 6 months ended 30th June 2015. Profits after Tax reached Rs. 1,740 Million a 43% increase compared to the Rs. 1,212 Million reported in the corresponding 6 month period in 2014.
The quarterly (Q-2 2015) Profit after Tax figure of Rs. 1,089 Million was an improvement of 56% compared with Rs. 698 Million reported in corresponding 3 months of last year.
Net Interest income increased from Rs. 5.16 Billion to Rs. 5.83 Billion a 13% increase for the 6 months ended 30th June 2015. Net fee and commission income increased by 13% from Rs. 1,055 Million to Rs. 1,191 Million with the bank showing a continuation of the solid growth trend recorded in the past few years.
During 1H 2015, the Net Advance portfolio grew from Rs. 155 Billion to Rs. 162.7 Billion, while the Deposit base grew from Rs. 185.9 Billion to Rs. 190.5Billion. The Bank's low cost deposit base (CASA) stood at 38% as at end June 2015.
The Bank was also able to improve its asset quality through effective recovery and rehabilitating efforts.
This enabled the Bank to reduce its Gross NPA (net of IIS) from 7.69% in December 2014 to 6.53% as at end June 2015.
Courtesy: Sunday Observer 9 August 2015
