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The Seylan Bank group continues its excellent financial performance recorded in 2002 by achieving a post tax profit of Rs. 236.8 Million for the first quarter of 2003, indicating a growth of 63.24%.

The group's pre tax profit for the same period was up by Rs. 94.4 Million to Rs. 257.8 Million indicating a growth of 57.79%.

The Bank contributed 73.6% towards the post tax group profits whilst the major share of the remaining profits were from the 100% owned subsidiary, Seylan Asset Management with a contribution of 21.6%, the bank said yesterday. Seylan Bank's own growth showed further improvement with a pre tax profit of Rs. 190.7 Million and a post tax profit of Rs. 174 Million for the quarter, a growth of 25.73% and 26.89% respectively as against the previous year. Whilst maintaining a growth of 22.15% in net interest income, the Bank has increased its other income by 89.51% mainly due to capital gains made on Government Securities.

Operating expenses showed an increase due to the ongoing restructuring program and standardisation of the branches to further improve productivity. Additionally, as a result of the imposed Valued Added Tax levied on profits and remuneration, the Bank had to incur Rs. 40.1 Million as VAT for the first quarter of 2003. The Bank had also provided Rs. 267 Million for anticipated loan losses before arriving at its pre tax profits.

Seylan Bank has always been in the forefront of catering to customer needs through market orientation.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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