Seylan first quarter profits increase

COMPANY PROFITS: Seylan Bank has achieved a significant increase in after tax profits during the first quarter in year 2006.

Profit after tax achieved by the Bank increased by 198.66% over the previous year's first quarter results of Rs. 89.89 million recording a figure of Rs. 268.4 million. Seylan Bank has attributed the growth to key income streams such as net interest income and non-interest income.

Interest income increased by 46.93% to record a figure of Rs. 3.08 billion, while non interest income increased by 4.84% to record a figure of Rs. 493.14 million. Noteworthy is the increase in fees and commission income recording Rs. 347.3 million which is a growth of 24.53% over the first quarter in 2005.

Foreign Exchange Income recorded a figure of Rs. 143.5 million, a growth of 5.32%.