Seylan Bank profit momentum continues in Q1’23
View(s):Seylan Bank began the new fiscal year on a strong note, with Q1 2023 recording a Profit Before Tax (PBT) of Rs. 1.7 billion compared to Rs. 1.5 billion in 1Q 2022, a growth of 17.26 per cent.
Supporting the bottom line, Profit After Tax (PAT) was Rs. 1.135 billion in 1Q 2023, a 7.69 per cent increase over the corresponding 2022 period. Contributing significantly to the bank’s profit momentum was a surge in Net Interest Income (NII) by 67.98 per cent for the period under review, it said in a media release.
Growth in the bank’s topline for Q1 2023 came from notable increases in operating income of Rs. 13.3 billion, a 47.26 per cent growth during the period under review compared to Rs. 9.1 billion in the corresponding period of 2022, driven mainly by growth in Net Interest Income, Net Fee Income etc. The bank recorded a substantial increase in interest income, amounting to Rs. 28.9 billion, reflecting a 116.87 per cent growth compared to Q1 2022.
The bank’s total assets as at 31 March 2023 was Rs. 671 billion. While loans and advances was Rs. 424 billion, a contraction mainly due to the impact from local currency appreciation, deposits reflected a marginal growth to Rs. 550 billion. The contraction of assets and liabilities was partly due to local currency appreciation, which led to a decrease in the value of foreign currency assets and liabilities.
The bank recorded an impairment charge of Rs. 6.4 billion in 1 Q 2023 against Rs. 3.4 billion reported in 1 Q 2022 with a growth of 88.14 per cent. The bank increased the impairment provision to capture the impact on emerging global and local economic challenges and the credit risk profile of the customers, thereby continuously assessing the credit quality of the bank’s loan portfolio ensuring adequate provisions are recognised in the financial statements.
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