Seylan Bank Q1 profits up by 59%
Seylan Bank registered yet another impressive quarterly performance
reporting a net profit-after-tax of Rs. 406.8 million (Group Rs. 412.5
million) in Q1 of 2012, as compared with Rs. 256.3 million (Group Rs
249.0 million) last year. The performance is a 59% and 66% increase in
net profits for the bank and group respectively over the corresponding
period last year.
Compared to Q1 of 2011, net interest income grew by 9% from Rs.
1,878.4 million to Rs.2,047.3 million,while non interest income
increased by 6% from Rs. 576.6 million to Rs.612.7 million. Total
overhead costs were tightly controlled at Rs. 1,699.5 million, as
opposed to Rs.1,669.9 million in Q1 last year. Profit before tax was 60%
above last year at Rs. 632.6 million. In the quarter under review,strong
and steady growth was evident in total loans and advances and customer
deposits which grew by Rs. 8.4 billion and Rs. 4.2 billion respectively,
which are growth rates of 28% and 14% (annualized) respectively. |