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DateLine Wednesday, 13 June 2007

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Seylan ups Pre Tax Profit in 1st quarter of 2007

NOTABLE GROWTH: Seylan Bank’s unaudited 1st quarter 2007 financials indicated a pre-tax profit of Rs.424.75 Mn achieving a notable growth of 13.72% over the previous year’s comparative period.

The Bank’s net profit after tax was Rs. 205.82 Mn, a reduction of 23.34% of the previous year due to higher corporate taxes. The financials also saw Seylan Group which comprises of subsidiaries Seylan Merchant Bank Ltd, Ceylinco Seylan Developments Ltd and Seylan Bank Asset Management Ltd recording a net profit after tax and minority interest of Rs.212.59 Mn in the 1st quarter 2007.

The Bank’s total income indicated a notable growth of 14.87% reaching Rs.2.15 Bn mainly on account of its net interest income, growing at 15.26% over same period of 2006. This was achieved as a result of the Bank reaching a Rs.100 Bn mark on its deposits and in turn paving way for expansion in core business.

Further the Bank achieved this net profit after tax despite the negative impact of the two tiered taxation of VAT on financial services and corporate taxes had on its profits. Both VAT and corporate taxes totalled Rs.418.51 Mn accounting for 67.03% of operating profit before taxes including VAT on financial services.

It is also noteworthy to mention that the management focus on recovery of dues through effective strategies that resulted in substantial written backs and recovery of B&D Debts of Rs.187.36 Mn boosted the Bank’s profitability. This was in spite of new regulations focusing on general provisioning for which Rs.75 Mn was made in the 1st quarter 2007.

During the period under review, the unique selling proposition of the Tikiri Minor Savings Scheme, which is its gifts structure was re-structured with exciting new gifts and new slabs and re-launched.

In addition, the children also have the opportunity of choosing from a greater variety of gifts at each slab.

As guided by its Chairman, Deshamanya Dr. Lalith Kotelawala, the Bank also organised an Under 13 Cricket Tournament among the schools in which the bank’s Student Savings Centers are maintained.

Thirty six schools participated in the 50 over tournament which created a lot of excitement among the participating teams and spectators with St. Anthony’s College Kandy and Mahanama College Colombo entering the finals and St. Anthony’s emerging as the Champions to be awarded the inaugural “Seylan Tikiri Diamond Cricket Trophy”.

Seylan Bank’s NRFC Scheme also saw its “Thilina Saurra” benefits being enhanced by a host of new value additions such as payment of claims upto Rs. 50,000/- on lost baggage, weekend packages for two at Hotel Ceysands, reimbursement of SLBFE Charges and a pre-departure loan.

Ceylinco FastCash, the International Money transfer service, which commenced operation during the latter part of last year covering UAE, Singapore and Sri Lanka has successfully spread its reach during the 1st quarter of this year to cover UK, Lebanon, Oman and Kuwait through over 300 agent locations.

The key feature of this remittance service is the loyalty card known as “WishCard” . The “WishCard” has a unique number that will be the customer identification number in the system. One of the features provided by the “WishCard”is the instant advice of the money transfer to the beneficiary via SMS.

The facility also provides for the sender to be informed by SMS once the beneficiary receives the funds. Seylan Bank, principal agent of Ceylinco FastCash is equipped with special counters to provide recipients an unmatched service with its Millennium branch at the Ceylinco Seylan Towers also providing a 24 hour 7 days a week human interface to those urgently in need of funds.

Remitters are entitled to a quarterly draw and cash prizes worth Rs two million are on offer. Housing loans and flexible loans for miscellaneous requirements are also available to the remitter.

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Produced by Lake House Copyright 2006 The Associated Newspapers of Ceylon Ltd.

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