Steady Course

Nov 12, 2007 (LBO) – Sri Lanka Seylan Bank group's after tax profits increased 41.4 percent in the third quarter ending in September while turnover grew by 27.3 percent with a relatively flat loan growth.

Group net profit after tax grew to 150.7 million rupees in the three months ended September 2007 from 106.6 million while revenues grew to 4.8 billion rupees from 3,8 billion.

The total performing loans rose to 94.5 billion in the quarter ended in September, from 89.6 billion rupees in the same quarter last year.

Higher interest rates are holding Sri Lankans back from applying for loans but the government's borrowing from the local market reduced following its dollar bond sale, slightly easing interest rates.

The Seylan group net interest income went up 11.5 percent to 1.78 billion.

Foreign exchange income grew 23.4 percent to 142.95 million rupees compared to the same period one year back.

Group assets grew 8.8 percent to 153.5 billion rupees from 141.0 billion rupees while the deposit base expanded by eight percent to 109.2 billion rupees.

The provision for staff benefits such as retirement schemes, more than doubled to 112.2 million rupees from 44.1 mil

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