Sri Lanka’s Seylan Bank December quarter net up 15-pct

EconomyNext – Sri Lanka’s Seylan Bank said December 2014 quarter group net profit rose 15 percent to 919 million rupees from a year ago with net interest income stagnant but gains in fees and other operating income.

A stock exchange filing said Seylan Bank’s earnings per share for the quarter were 2.66 rupees.

In the year ended 31st December 2014, the group’s EPS went up 36 percent to 9.21 rupees from the previous year with net profit at 3.2 billion rupees.

In the December 2014 quarter, Seylan Bank group net interest income was stagnant at 2.9 billion rupees with interest expenses falling 24 percent to 2.8 billion rupees and interest income falling 13 percent to 5.8 billion rupees.

Net fee and commission up four percent to 606 million rupees from the year before.

The quarterly accounts showed gains on financial instruments, which rose 61 percent to 257 million rupees and gains on foreign exchange, which went up 43 percent to 173 million rupees.

Impairment for bad loans fell 37 percent to 477 million rupees in the December 2014 quarter from the year before.

A statement on the results for the year ended 31st December 2014 said Seylan Bank’s other operating income increased significantly by 175 percent to 2.8 billion rupees, mainly due to capital gains realised on government securities.

"During the year the bank also focused considerably on cost containment,’ it said. "This is reflected in the bank’s declining Cost to Income ratio of 62.59 percent in 2013 reducing to 57.37 percent in 2014."
 
It said the sluggish credit demand 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 2014.

During 2014, the bank grew its deposit base from 167,371 million to 185,924 million rupees, predominantly achieved through the mobilisation of current and saving deposits, which enabled its low cost deposit base to be increased to 39 percent as at end December 2014 from 33 percent in December 2013.

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