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26 February, 2016 09:01 AM Source: Financial Times - Sri Lanka
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Seylan Bank reported a 24.25% increase in Profit Before Tax to reach Rs. 5,777 million for the year ended 31 December 2015.

The bank reported a record profit after tax figure of Rs. 3,831 million for the year ended 31 December 2015. This is an impressive 24.44% growth in PAT compared to the Rs. 3,079 million reported in 2014.

Net Interest Income increased from Rs. 11,165 million to Rs. 11,825 million, a 5.9% increase for the 12 months ended 31 December 2015. 5

Net fee and Commission income increased 19.5% from Rs. 2,257 million to Rs. 2,697 million showing a consolidation of the solid growth achieved by Seylan Bank over the past few years.

Other operating income comprising net gains from trading, gains on financial instruments, gains on foreign exchange and other income decreased by 42.2% from Rs. 2,809 million in 2014 to Rs. 1,624 million in 2015, mainly due to  lesser contributions from capital gains on Government securities, due to the upward movement in interest rates.

During the year under review the bank also focused considerably on cost containment. This was evident by the containment of growth in expenses of 6.36% from 8,109 million in 2014 to Rs. 8,625 million in 2015. 

The slow credit growth evident in the first half of the year was reversed in the latter half with growth momentum picking up in the third and fourth quarters of 2015 and the bank reported a net credit growth of 24.61%, with net advances growing from Rs. 154,963 Million in 2014 to Rs. 193,104 million in 2015.

During 2015, the bank grew its deposit base by 20.76% from Rs. 185,924 million to Rs. 224,525 million.  The bank’s low cost deposit base comprising Current And Savings Accounts (CASA) stood at 36% of the total deposit base as at end December 2015.

The bank was able to improve its asset quality with a significant reduction in its Gross NPA (net of IIS) from 7.69% in December 2014 to 4.68% as at end December 2015, a singular feet by itself. The bank has consistently been able to improve its asset quality since 2009 through focused, sustained and effective recovery efforts.

The bank also continued its CSR initiatives focusing on education and accelerated its 100 libraries project for underprivileged schools; 29 more school libraries were opened by the bank during 2015, taking the overall number of libraries opened under the project to 80.
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