Seylan Bank ups pre-tax profit by 9% to Rs. 798 m

Seylan Bank recorded a strong quarterly performance with profits before income tax reaching Rs. 798 Million, a 9% increase for the three months ended 31 March 2014. Profits after tax reached Rs. 514 million compared to the Rs. 505 million reported in the corresponding period in 2013.

SEYLAN BANK PLC - SEYB- DIVIDEND ANNOUNCEMENT 26 February 2014

DIVIDEND ANNOUNCEMENT   
26 February 2014
Date of Announcement: - 26.Feb.2014
Dividend per Share: - Rs. 2.25 per share / First & Final Dividend
Financial Year: - 2013
Shareholder Approval: - Required
AGM: - 31.Mar.2014
XD: - 01.Apr.2014
Payment: - 09.Apr.2014
Share Transfer Book Open

Seylan reports Rs. 2.3 b profit after tax for 2013

Seylan Bank’s Profit after Tax reached a record Rs. 2,315 million compared to the Rs. 2,064 million reported in 2012, an impressive 12% growth in PAT for the year ended 31 December 2013.
Profit after Tax for Q-4 2013 (final quarter) was reported at Rs. 780 million as compared with Rs. 466 million for the same period last year reflecting a growth of 67% over Q-4 last year.
Despite slow credit growth and industry wide pressure on interest margins, Net Interest income increased from Rs. 9,014 million to Rs. 9,830 million for the 12 months ended 31 December 2013. Fee and Commission income increased 25.5% from Rs. 1,695 million to Rs. 2,127 million showing a consolidation of the solid growth in core banking activities achieved by Seylan Bank over the past few years.
During the year under review the bank also focused considerably on cost containment.  As a result of many effective cost containment initiatives, total other expenses were reduced by 6% from Rs. 3,299 million in 2012 to Rs. 3,091 million in 2013. Total personnel expenses increased by 13%, due to a salary revision granted to all staff at the beginning of the year.

The bank also successfully implemented a core banking system upgrade in February 2013.  This will have significant cost efficiencies through process improvements to the bank in the coming years. The upgrade will also facilitate many additional functionalities, enabling better product and service delivery to its customers.
The bank grew its deposits base by 14% from Rs. 146.7 billion to Rs. 167.3 billion during 2013 and its net advances portfolio by 9.5% from Rs. 124.7 billion to Rs. 136.6 billion during the year under review.
Even more significantly, despite an industry wide trend of deteriorating asset quality, Seylan is one of the few Banks who was able to improve its asset quality through effective recovery and rehabilitating efforts which resulted in a significant reduction in its Gross NPA (net of IIS) from 12.99% in December 2012 to 10.58% as at end December 2013.

Sri Lanka's Seylan Bank to list up to Rs2.0bn in debt

Sri Lanka's Seylan Bank will to sell up to 2.0 billion rupees of public listed debentures maturing in five years, abandoning an earlier plan to privately place the securities.

Seylan Bank said in a stock exchange filing that it will offer to sell one billion rupees of debentures and upsize the tranche to 2.0 billion if the initial amount is fully subscribed.