Seylan Bank 2022 sees 10% rise in pre-tax profitView(s):
Seylan Bank reported a Profit before Tax (PBT) of Rs.6.6 billion, a 10 per cent growth, for the year ended 31st December 2022 while recording a Profit after Tax (PAT) of Rs.4.7 billion.
The results were further buoyed by an impressive 72 per cent rise in Net Interest Income (NII) for the year under review, compared to 21 per cent in the previous year, the bank said in a media release.
Seylan Bank’s NII was fueled by surges in both Interest Income and Interest Expenses reflecting a growth of 84 per cent and 96 per cent respectively in 2022, with the rise mainly driven by increase in market rates, and faster re-pricing of loan book than the deposit base.
The bank’s overall Deposit Base increased by 12 per cent to Rs.547 billion, sustained by strong customer activity.
A notable growth of 39 per cent, Rs. 6 billion was posted in Net Fee and Commission Income, showing significant growth compared to last year, mainly attributable to fee income from cards, trade and remittances and other financial services.
The bank’s Net Gains/Losses from trading reported a loss of Rs. 0.447 billion. The mark-to-market loss of trading derivative financial instruments have risen during the year under review compared to the previous year due to interest rate volatility and currency depreciation.
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