Homegrown Sri Lankan bank Seylan recently posted its financials, which revealed that its Net Profit after Tax (NPAT) for the first half of 2010 grew by 270% over the same period last year. This amount was Rs. 510.5 million compared to the 2009’s first half NPAT of Rs. 137.8 million.
According to a statement by the bank, the "major contributory features was the Bank’s ability to increase its deposit base to Rs. 106,983 million as at June 2010 and grow its advances book during the six months. The bank focused on recovering non-performing advances and achieved satisfactory results which helped the NPA ratio to come down".
Meanwhile, according to the bank's Chairman, Eastman Narangoda; “Ever since the Central Bank-appointed new Board of Directors, we have been on an upward growth. Among the key reasons for the Bank’s rapid turnaround in both stability and profitability are our wide-reaching Strategic Plan and aggressive recovery drive. These embraced several areas and, in turn, successfully restored investor confidence”.
Additionally, the statement also indicated that the bank had "substantially improved its performance indicators", which included single digit improvements in financial ratios such as return on average assets, return on equity, interest margin and net non-performing advances ratio. Also highlighted was that "non-voting and voting shares of Seylan Bank traded at Rs.16.00 & Rs. 37.00 as at the end of 2009. They now trade at around Rs. 45.75 & Rs. 81.75 respectively". |
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