Seylan Bank AGM today

The AGM of Seylan Bank will be held today.

The Bank recently posted a Rs. 543.301Mn Profit after Tax for 2009 representing an increase of 250 percent over the previous financial year. During the same period, the bank's cost-to-income ratio showed a marked improvement decreasing from 75.79 percent to 67.82 percent, while the total capital adequacy ratio - under severe pressure during the end 2008 crisis - rose from 8.06 percent to 11.74 percent.

The bank's Profit before Tax increased from Rs. 155.241Mn in 2008 to Rs. 892.572Mn in 2009 recording an unprecedented increase of 475 percent. Meanwhile the price of Seylan Bank Ordinary Shares has shown a steady increase from Rs. 28.50 on December 31, 2008 to Rs. 37.00 on December 31, 2009. The bank's non-voting shares have performed even better by going up from Rs. 6.00 on December 31, 2008 to Rs. 16.00 on December 31, 2009.

Seylan Bank Chairman Eastman Narangoda said, "Our renaissance is a 100 percent success story. The past is now firmly rooted in history. I'm proud to state with a deep sense of conviction and confidence, that Seylan Bank today enjoys stability and profitability. Operating under the Central Bank-appointed new Board of Directors, and, with the implementation of a far-reaching strategic plan, we launched a strong recovery drive encompassing many areas. This, in turn, successfully restored investor confidence. The dividends are being enjoyed by our thousands of shareholders.