Sri Lanka’s Seylan Bank net up 86-pct in Sept 2021

ECONOMYNEXT – Profits at Sri Lanka’s Seylan Bank Plc group grew 86.44 percent to 1.13 billion rupees in the September 2021 quarter helped by a fall in interest expenses and lower provisioning interim accounts showed.

The group reported earnings of 2.12 rupees for the quarter. In the six month to September the group reported earnings of 6.07 rupees on total profits of 3.3 billion rupees which grew 47.9 percent.

Fee and commission income increased 6.64 percent to 1.1 billion rupees in the quarter.

Trading gains increased by 139.3 percent to 35.1 million rupees from the same quarter last year.

In the September quarter group interest income fell 10.8 percent to 11.6 billion rupees and interest expenses fell at a faster 26.53 percent to 5.4 billion rupees, allowing net interest income to grow 10.1 percent to 5.6 billion rupees.

Loans expanded to 428.2 billion rupees in September from 411.6 billion in June 2021. Loans expanded 9.75 percent from December 2020.

Loan losses fell 16.9 percent to 2.2 billion rupees from a year earlier.

Stage 3 accumulated impairments rose to 18.2 billion rupees from 13.3 billion rupees.

At bank level gross non-performing loans were at 6.42 percent in September from 6.43 percent in December. Sri Lanka has eased provisioning rules amid a pandemic.

Total equity grew 3.3 percent to 52.4 billion rupees.

Tier 1 capital was 10.56 percent, down from 11.46 percent but above the required 8.5 percent. Total capital adequacy was 13.87 percent down from 14.3 percent, above the required 12.5 percent.
Gross assets grew 4.68 percent to 584.1 billion rupees. (Colombo/Oct 19/2021)

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