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Sri Lanka’s Seylan Bank Sept quarter net down 4.6-pct

ECONOMYNEXT – Sri Lanka’s Seylan Bank PLC said September 2015 quarter net profit fell 4.6 percent to one billion rupees from a year ago.

Group net interest income fell 1.3 percent to three billion rupees with interest income up almost three percent to 6.1 billion rupees while interests costs rose at a faster 7.3 percent to three billion rupees.

Net fee and commission income rose 14 percent to 676 million rupees over the period, interim results filed with the sock exchange showed.

Seylan Bank’s September 2015 quarter earnings per share fell to 2.90 rupees from the year before.

For the 09 Months ended 30th September 2015, EPS were up 20 percent to 7.87 rupees.
The bank’s loan book grew 11 percent to 172 billion rupees while deposits grew 7.3 percent to almost 200 billion rupees.

Seylan Bank said it calculated liability for the Super Gains Tax at 867 million rupees and 871 million rupees for the bank and group although accounts were not adjusted as the bill has not been enacted as at the reporting date.

The 25 percent Super Gains Tax was proposed in the government’s interim budget in January 2015 on firms that earned a profit before income tax in excess of two billion rupees during the 2013/14 year of assessment.  (Colombo/October 26 2015)

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