Seylan Bank recorded an impressive performance with Profit before Income Tax reaching Rs 1,863 million for the six months ended June 30, 2014.
Profits after Tax reached Rs 1,213 million a 21% increase compared to the Rs 1,002 million reported in the corresponding six month period in 2013.
The quarterly PAT figure of Rs. 698 million was an improvement of 41% compared with Rs 497 million reported in the corresponding three months of last year.
Net Interest income increased from Rs 4.27 billion to Rs 5.16 billion, a 21% increase. Net fee and commission income increased by 8% from Rs 973 million to Rs 1,056 million with the bank showing a continuation of the solid growth trend recorded in the past few years.
During 1H 2014, the Bank increased its deposit base from Rs 167.4 billion to Rs 172.7 billion.
The growth was predominately achieved through the mobilisation of current and savings deposits, which enabled the Bank's low cost deposit base to increase from 33% in December 2013 to over 35% as at end June 2014. However, the Bank's Net Advance portfolio reduced from Rs 136.5 billion to Rs 133.1 billion during the six months under review, due to slower than expected credit growth in the industry and the impact of lower gold prices.
Despite the decline in gold prices and its impact on the pawning base, the Bank improved its asset quality through effective recovery and rehabilitation efforts.
This enabled the Bank to maintain its Gross NPA (net of IIS) at 10.86% as at end June 2014.
Profits after Tax reached Rs 1,213 million a 21% increase compared to the Rs 1,002 million reported in the corresponding six month period in 2013.
The quarterly PAT figure of Rs. 698 million was an improvement of 41% compared with Rs 497 million reported in the corresponding three months of last year.
Net Interest income increased from Rs 4.27 billion to Rs 5.16 billion, a 21% increase. Net fee and commission income increased by 8% from Rs 973 million to Rs 1,056 million with the bank showing a continuation of the solid growth trend recorded in the past few years.
During 1H 2014, the Bank increased its deposit base from Rs 167.4 billion to Rs 172.7 billion.
The growth was predominately achieved through the mobilisation of current and savings deposits, which enabled the Bank's low cost deposit base to increase from 33% in December 2013 to over 35% as at end June 2014. However, the Bank's Net Advance portfolio reduced from Rs 136.5 billion to Rs 133.1 billion during the six months under review, due to slower than expected credit growth in the industry and the impact of lower gold prices.
Despite the decline in gold prices and its impact on the pawning base, the Bank improved its asset quality through effective recovery and rehabilitation efforts.
This enabled the Bank to maintain its Gross NPA (net of IIS) at 10.86% as at end June 2014.
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