Seylan Bank reports 26 per cent growth in post-tax profits for Q1-2013
View(s):Seylan Bank, which celebrated its 25th year anniversary in March, says post-tax profits for the 2013 first quarter rose by 26.7 per cent to Rs. 505 million.
“Despite lower than expected credit demand and industry wide pressure on interest margins, net interest income increased by 5.8 per cent to Rs. 2.16 billion for the 3 months ended 31st March 2013, resulting from selective growth in quality advances,” the bank said in a statement.
The deposits base grew to Rs. 150.1 billion from Rs. 146.7 billion (in the corresponding) 2012 quarter
despite fierce competition for deposits and a high interest rate environment, it said.
Bank Chairman Nihal Jayamanne said the results prove that “our strategies are continuing to yield the desired results”.
“The bank’s total capital adequacy ratio stands at 14.08 per cent at the end of Q1-2013. The recent debenture issue (Rs. 2 billion) has not been included in the total capital adequacy computation for Q1-2013, since Central Bank approval was obtained in April 2013. Once these funds are included, the bank’s total capital adequacy would exceed 15.5 per cent, one of the highest on the local banking industry,” the statement said.
General Manager / CEO of Kapila Ariyaratne noted that, “Our total commitment to delivering enhanced value to our customers in all their interactions with us has made it possible for us to maintain our growth momentum despite a challenging external environment both locally and globally.”
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