Financial Times

Seylan Bank shows Rs 188 mln profit in 6-mth period


The Seylan Bank Group, recovering after the troubles that hurt the Ceylinco Group, has show quiet but steady recovery posting a post tax profit of Rs 188 million for the six months to 30 June 2009, the bank said this week.

With an EPS (Earnings Per Share) of Rs. 4.5, the results show a remarkable improvement over the first quarter of the year, the statement said adding that the reduction of expenses by over 20 %, from Rs 4 billion for the comparative period in 2008, indicates that the bank has effectively tightened its grip on expenditure.

The provision of Rs. 296 million for non-performing advances from the past period has affected the Bank’s current bottom line. “However under the prevailing economic conditions where most banks are experiencing a drop in profits, Seylan Bank’s progress on the road to full recovery is quite noteworthy,” the bank noted.

The organisation is now run by a professional board of directors led by Eastman Narangoda (Chairman) and is not controlled by the Ceylinco Group anymore. Among significant initiatives of the new board are the introduction of proper corporate governance by the appointment of Board Committees for Audit, Credit, HR & Remuneration etc., staffing key management positions with appropriately skilled professionals and commissioning and launching a 3-year Strategic Plan.

A recently launched deposit campaign is exceeding all projected expectations and the liquidity and capital adequacy ratios, which fell below accepted levels during the crisis period, have already been restored. The Board has also arranged a major capital infusion as announced by the Central Bank recently.

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