Seylan Bank, recorded a strong quarterly performance with Profits after Income Tax reaching Rs. 720 million, for the three months ended March 31,2016, a 4% increase over the Rs. 691 mn reported in the corresponding period of 2015.
Net Interest income increased from Rs 2,805 million to Rs 2,939 million, a 4.8% increase for the three months ended March 31,2016. Net fee and Commission income increased 23.6% from Rs 562 Million to Rs 695 Million during Q-1 2016, showing a consolidation of the solid growth achieved by Seylan Bank over the past few years.
Other operating income comprising net gains from trading, gains on financial instruments, gains on foreign exchange and other income decreased by 117% from Rs 401 million in 2015 to a net loss of 68 million during Q-1 2016 mainly as a result of mark- to-market losses on Government Securities, due to the upward movement in interest rates.
During the period under review the Bank also focused considerably on cost containment. This was evident by the containment of growth in total expenses of 6.8% from 2,129 million to Rs.2,273 million during Q-1 2016.
The Bank reported a net credit growth of 4.27%, with net advances growing from Rs 193,103 Million to Rs 201,350 Million during Q-1 2016.
Net Interest income increased from Rs 2,805 million to Rs 2,939 million, a 4.8% increase for the three months ended March 31,2016. Net fee and Commission income increased 23.6% from Rs 562 Million to Rs 695 Million during Q-1 2016, showing a consolidation of the solid growth achieved by Seylan Bank over the past few years.
Other operating income comprising net gains from trading, gains on financial instruments, gains on foreign exchange and other income decreased by 117% from Rs 401 million in 2015 to a net loss of 68 million during Q-1 2016 mainly as a result of mark- to-market losses on Government Securities, due to the upward movement in interest rates.
During the period under review the Bank also focused considerably on cost containment. This was evident by the containment of growth in total expenses of 6.8% from 2,129 million to Rs.2,273 million during Q-1 2016.
The Bank reported a net credit growth of 4.27%, with net advances growing from Rs 193,103 Million to Rs 201,350 Million during Q-1 2016.
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