Buwaneka Aluwihare – Chairman	Ramesh Jayasekara - CEO

Seylan Bank recorded a Profit after Tax of Rs. 6,593 million for the 9 months ended 30 September 2024 with a growth of 46.65 percent against Rs. 4,496 million reported in the corresponding period of 2023.

The bank recorded a Profit before Tax (PBT) of Rs. 10,608 million for the 9 months ended 30 September 2024, against Rs. 7,181 million reported in the corresponding period of 2023 demonstrating a growth of 47.72percent. 
Net Interest income decreased from Rs. 30,554 million to Rs. 27,262 million, a reduction of 10.77percent compared with the previous year for the 9 months ended 30 September 2024, corresponding to reduction in Net Interest Margin from 5.76 percent in 2023 to 5.03 percent in Q3 2024.

The bank’s net fee based income recorded a growth of 8.10 percent from Rs. 5,392 million to Rs. 5,829 million during 9 months ended 30 September 2024, mainly due to increase in income from Cards, Remittances and other services relating to lending. 

The bank’s total operating income was at Rs. 34,264 million, a decrease of 8.32percent compared to Rs. 37,373 million recorded in the corresponding period of 2023, driven mainly by the contraction of net interest margins during 2024. 

Total Operating Expenses recorded an increase of 13.20 percent from Rs. 13,846 million to Rs. 15,674 million for the 9 months ended 30 September 2024. Personnel expenses increased by 1,068 million mainly due to increase in the staff benefits based on the collective agreement. Other Operating expenses (excluding depreciation and amortization expenses) too increased by 12.75 percent due to increase in prices of consumables and services over the period. The bank continues to take relevant measures to curtail costs through cost reduction initiatives. 
The bank recorded an impairment charge of Rs. 4,150 million during the 9 months ended 30 September 2024 against Rs. 13,447 million reported in corresponding period of 2023 with a reduction of 69.14percent, mainly due to enhanced credit quality and strong recovery initiatives.

Overall, bank recorded a Profit before Income Tax (PBT) of Rs. 10,608 million in 9 months ended 30 September 2024, against Rs. 7,181 million reported in corresponding period in 2023 demonstrating a growth of 47.72percent. Similarly, Profit after Tax (PAT) was recorded as Rs. 6,593 million in the 9 months ended 30 September 2024 with a growth of 46.65 percent over the corresponding period in 2023.
The bank’s Total Assets were recorded at Rs. 734 billion as of 30 September 2024. Loans and Advances net of Impairment were recorded at Rs. 442 billion. Local currency Loans and Advances (Gross) increased by Rs. 8 billion, while foreign currency Loans and Advances (Gross) contracted by Rs. 1 Bn partly due to local currency appreciation. Customer Deposits were recorded at Rs. 598 billion as of 30 September 2024. Local currency deposits increased by Rs. 15.47 billion, while foreign currency deposits contracted by Rs. 8.39 billion again mainly due to the local currency appreciation.

The capital adequacy ratios were well above the regulatory minimum requirements and recorded 12.25percent as Common Equity Tier 1 Capital Ratio & Total Tier 1 Capital Ratio and 17.05percent as the Total Capital Ratio.
All Currency Liquidity Coverage Ratio and the Rupee Liquidity Coverage Ratio were maintained at 442.64 percent and 509.82percent respectively, which is well above the regulatory minimum requirements. Bank’s Net Stable Funding Ratio as at 30 September 2024 stood at 139.50percent.

The bank’s Asset Quality Ratio of Impaired Loan (Stage 3) Ratio as at 30 September 2024 stood at 3.05percent (2023 – 3.85percent).Impairment (Stage 3) to Stage 3 Loans Ratio, which is considered the Stage 3 Provision Cover Ratio was recorded at a healthy 72.85 percent (2023 – 68.29percent), well above the industry average of 51 percent indicating prudent provisioning adopted by the bank. 

Earnings per Share stood at Rs. 10.37 for the 9 months ended 30 September 2024 compared to Rs. 7.07 reported in corresponding period of the previous year. Net Assets Value per Share stood at Rs. 104.22 as at 30 September 2024 (Group Rs. 107.36).