Seylan Bank profits up
Rs 256.3 m profit in first quarter:
Seylan Bank has posted an impressive Rs 256.3 million profit in the
first quarter of 2011 recording a sharp 38 percent increase compared
with the Rs 185.9 million in the corresponding period of the previous
year.
Seylan Bank Chairman
Eastman Narangoda |
The Bank's pre-tax profit was Rs 395 million, up by nearly 36 percent
from the Rs 291.7 million in the corresponding period of the previous
year.
Seylan Bank Chairman Eastman Narangoda attributed this achievement to
the unwavering faith and confidence the people of Sri Lanka have in
Seylan Bank.
"Today we enjoy both stability and profitability. Our aggressive
recovery drive which encompassed many areas, coupled with our
far-reaching Strategic Plan and the commitment of our staff, have
largely been responsible for successfully restoring investor
confidence."
"Needless to say, the dividends are being enjoyed by our thousands of
shareholders today.
My board, the management and staff of Seylan Bank are very confident
that 2011 will be yet another record making year and that we will
surpass all expectations in terms of overall performance and
profitability."
The Bank also plans to go in for a Rights Issue of 43,333,333
Ordinary Voting Shares and 41,186,666 Non Voting Shares in May 2011
through which it proposes to raise Rs 4,691,533,285, which will be
proposed at an EGM to be held during the month of May.
Seylan Bank recorded a net profit of Rs 1.2 billion for 2010 which
was a 126 percent increase compared to Rs 543 million for 2009.
Pre-tax profit, at Rs 1.9 billion, was up by a staggering 124 percent
from 2009, the highest ever profit figure earned by the Bank since its
inception.
Creating a new paradigm in financial reporting for the second year in
succession was its Annual Report for 2010.
Titled 'The Business Case', this handsome publication was dedicated
to all the Bank's stakeholders and discussed how Seylan Bank has renewed
stakeholder confidence and made remarkable progress throughout year
2010.
"Having achieved optimum performance standards based on available
resources, Seylan now looks to develop its future business strategies to
deliver even greater results to all stakeholders and add further
shareholder value by aligning itself to the exciting new opportunities
in the rapidly transforming local economy," GM and CEO Kapila Ariyaratne
said.
Seylan Bank now meets or exceeds all the statutory requirements
stipulated by the CBSL.
These positive indicators resulted in a corresponding rise in
confidence among Seylan Bank's shareholders and depositors.
The Bank also seems to be poised to deliver an extremely impressive
performance in the coming years. |