Seylan Bank has demonstrated exceptional resilience and growth in challenging market conditions, recording an impressive Profit Before Tax (PBT) of LKR 4.2 billion, a 104.65% increase for 1H 2023 compared to the same period in 2022. In addition, the Bank achieved a commendable Profit After Tax (PAT) of LKR 2.6 billion, a 71.29% growth over the corresponding period in the previous year.
The Overall Statutory Liquid Assets Ratio was 32.30% as of 1H 2023, ensuring the ability to meet and exceed regulatory requirements and support operations effectively.
Additionally, reflecting its commitment to maintain a robust financial foundation, Seylan Bank continues to be well capitalized, boasting a Total Capital Adequacy Ratio of 15.51% as of 1H 2023. Demonstrating a further prudent approach is the well-maintained Common Equity Tier 1 Capital Ratio at 11.85%. Notably, Seylan Bank’s Net Interest (NII) Income increased by 21.47%, reaching LKR 20.5 billion, while Net Interest Margin remained steady at 6%.
The Bank’s net fee-based income also experienced robust growth of 26.72%, amounting to LKR 3.5 billion, driven by increased earnings from Debit and Credit Card Related Income, Commission on Guarantees, and remittances.
Seylan Bank’s total operating income recorded a notable growth of 13.31%, totalling LKR 24.6 billion for the first half of 2023.
The total expenses have increased by 25.88%, reflecting measures taken to enhance employee benefits and adjust to changes in the economic landscape.
A key highlight of Seylan Bank’s performance is the prudent management of impairment charges, which decreased by 15.88% from the previous year. The Bank’s diligence to responsible business practices is further demonstrated through contributions to government revenues.
Income tax expenses increased by 200%, reflecting higher profits and corporate tax rates. Seylan Bank’s solid financial position is reflected in its total assets of LKR 689 billion as of 30 June 2023. Loans and Advances were recorded at LKR 421 billion, and deposits reflected a marginal growth to LKR 549 billion.
The Return on Equity (ROE) stood at 9.22% and Return on Average Assets (profit before tax) reported at 1.23% for the period under review.
Seylan Bank’s stable performance is further highlighted by Earnings per Share of LKR 4.18 in 1H 2023, compared to LKR 2.44 reported in the same period of the previous year.
