Seylan improves profits

Seylan Bank’s unaudited financial for the first half in 2007 indicated a pre-tax profit of Rs. 1,044.26 mn achieving a notable growth of 45.67 per cent in contrast to the previous year’s half yearly profits.

The Bank’s net profit after tax also grew to Rs. 646.38 mn, up by 27.52 per cent over previous year’s profit of Rs. 506.89 mn.

Similarly, pre-tax profits of the Seylan Group which comprises of subsidiaries Seylan Merchant Bank Ltd, Ceylinco Seylan Development Ltd and Seylan Bank Asset Management Ltd has also witnessed a notable boost of 35.06 per cent reaching Rs. 1.09 bn in the first half of 2007.

Further the Group’s net profit after tax and minority interest improved from the previous year to Rs. 671.21 mn, registering a 21.10 per cent increase.

The Bank’s improved profitability is attributed to an improvement in its traditional key revenue lines being net interest income and foreign exchange income and also includes other incomes.

Out of these lines, other incomes surged by 44.61 per cent over the comparable period in 2006 due to exceptional gains realised by disposal of identified assets.