Seylan Bank - 31.03.2013

http://www.cse.lk/cmt/upload_report_file/443_1367488288866.pdf

I believe the SEYB is the first in banking sector issuing the 1st quarter financial statements in the year 2013. Is the diluted EPS shown after script dividend given?

their EPS seems to be a bit confusing when compared with last statement.....

Seylan Bank, which celebrated its 25th anniversary in March, recorded yet another impressive quarterly performance with Profits before Income Tax reaching Rs. 728 Million for the 3 months ended March 31, 2013.

Profits after tax reached 505 Million, a 26.7% increase compared to the Rs. 399 Million reported in the corresponding period in 2012. The interim Financial Statements have been prepared in accordance with LKAS/SLFRS.

Despite lower than expected credit demand and industry wide pressure on interest margins, Net Interest income increased by 5.8% to Rs. 2.16 Billion for the 3 months ended March 31, 2013, resulting from selective growth in quality advances.

Net fee and commission income increased by 20% from Rs. 384 Million to Rs. 461 Million during Q1-2013.

This was achieved in spite of an overall reduction in import related activities through the Bank diversifying into various other trade and fee income generating services.

The Bank grew its deposits base from Rs. 146.7 Billion to Rs. 150.1 Billion during Q1 and its Net Advances portfolio from Rs. 124.7 Billion to Rs. 125.9 Billion during the 3 months under review, despite fierce competition for deposits and a high interest rate environment.

The Bank was also able to improve its asset quality through focused, sustained and effective recovery efforts. This enabled the Bank to reduce its Gross NPA by a further Rs. 421 Million during Q1-2013.

Chairman of Seylan Bank Nihal Jayamanne PC, stated that "The Bank has posted yet another strong quarterly performance recording a 26.7% growth in profit after tax in Q1-2013, these results prove that our strategies are continuing to yield the desired results."

As at March 31, the Bank network comprised of 147 branches, 154 ATMs and 81 Student Savings Centres.

Preparing for future growth, the Bank raised LKR 2 Billion through a successful Debenture issue in February that was over-subscribed on the opening day.

The Bank intends to invest on identified key areas which are in line with the Bank's future growth strategies, including new product development, branch expansion, service quality improvement, staff training and development and IT infrastructure.

The Bank's total Capital Adequacy ratio stands at 14.08% at the end of Q1-2013.

As a result of the impressive performance, Earnings per share improved to Rs. 1.49 from Rs. 1.18 reported in the corresponding quarter last year, while Return (profit before tax) on Assets and Return on Equity stood at to 1.54% and 10.57% respectively.

General Manager / CEO of Seylan Bank, Kapila Ariyaratne stated, "Our total commitment to delivering enhanced value to our customers in all their interactions with us has made it possible for us to maintain our growth momentum despite a challenging external environment, both locally and globally. We fully intend to continue this positive trend through product innovation and improvement, further expansion and improvement of our branch network and by continuing to provide our valued customers an unparalleled service that goes beyond just banking."
http://www.dailynews.lk/2013/05/03/bus08.asp