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Sri Lanka’s Seylan Bank net down 28-pct in Dec quarter

ECONOMYNEXT – Profits at Sri Lanka’s Seylan Bank group fell 28 percent from a year ago to 841 million rupees in the December 2020 quarter amid lower net interest income and higher loan loss provisions, interim accounts show.

Seylan reported earnings of 1.63 rupees per share for the quarter. In the year to December, it reported earnings of 5.88 rupees per share on total profits of 3.0 billion rupees, down 3.7 billion from a year earlier.

Seylan Bank last closed at 40 cents down at 49.60 rupees a share on Thursday.

Fee income fell 3.5 percent to 1.1 billion rupees.

In the December quarter, net interest income fell 4.7 percent to 4.7 billion rupees, with interest income falling 13 percent to 11.9 billion rupees and interest expenses fell 18 percent to 7.2 billion rupees.

Customer loans grew 3.83 percent or 393 billion during the 12-months to December 2020.

The bank made 1.5 billion rupees in loan loss provisions during the quarter up from 735 last year.

The non-performing loan ratio grew to 6.43 by December from 5.76 percent a year earlier.

Investments in debt instruments grew 53 billion rupees to December 2020 during the year.

Customer deposits grew 9.87 percent to 440 billion rupees.

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Gross assets grew 8.03 percent to 558 billion rupees.

Net assets grew 9.26 percent to 52 billion rupees.

Seylan Bank’s Tier 1 capital grew to 11.70 percent in December from 11.49 percent a year earlier. (Colombo/Feb28/2021)

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