Profit Gain

Oct 04, 2014 (LBO) –Sri Lanka Seylan Bank, a private bank recorded a Profit before Tax of 3,490 million for the nine months ended 30th September 2014, the bank said in a media release. Profits after Tax reached a record of 2,253 million rupees a 47 percent increase compared to the 1,536 million rupees reported in the corresponding 9 month period.

The quarterly PAT figure (Q-3) of 1,041 million rupees was an improvement of 95 percent compared with 534 million rupees reported in corresponding 3 months of last year.

Net Interest income increased from 6.79 billion rupees to 8.22 billion rupees a 21 percent increase for the 9 months ended 30th September 2014. Net fee and commission income increased by 7 percent from 1,542 million rupees to 1,648 million rupees with the bank showing a continuation of the solid growth trend recorded in the past few years.

During 2014, the bank grew its deposit base from Rs 167.4 Billion to Rs 174.8 Billion. The growth was predominately achieved through the mobilisation of current and savings deposits, which enabled the Bank’s low cost deposit base to be increased from 33% in December 2013 to over 36% as at end September 2014. The Bank’s Net