Seylan Bank 1Q net profit up 26%

14 May 2015 07:17 am Views - 1513

Seylan Bank PLC saw its net profit for the March quarter (1Q15) increasing 26 percent year-on-year (YoY) to Rs.663 million on the back of lower interest rates prevailing.

The net interest income of the bank rose 20 percent YoY to Rs.2.8 billion, mainly due to 19 percent YoY sharp decline in interest expenses to Rs.2.77 billion.
The loan growth of the bank during the quarter remained flat at Rs.155.2 billion.

The net fee and commission income grew 9 percent YoY to Rs.561.3 million.

The net trading income fell 83 percent YoY to Rs.15 million.

The individual impairments during the quarter rose 27 percent YoY to Rs.129 million. The collective impairment stood at Rs.253 million against a reversal of Rs.11.4 million in the previous year.
 

"The capital adequacy ratios during the quarter remained well above the regulatory requirements"

The customer deposits as at March 31, 2015 stood at Rs.185 billion, unchanged compared to the deposit levels at December 31, 2014.

The total assets of the bank stood little changed compared to December 31, 2014 at Rs.252 billion.

The capital adequacy ratios during the quarter remained well above the regulatory requirements.

However, gross non-performing ratios of the bank continued to remain on the higher side compared with the peers.