Seylan Bank PAT surges 79% to Rs.4.49bn for 9-months of 2023

Seylan Bank announced a Profit after Tax (PAT) of Rs.4.49 billion for the nine months ending September 30, 2023, representing a 79.47 per cent surge in growth compared to Rs.2.5 billion in the corresponding period last year, demonstrating resilience in overcoming challenging market and economic conditions.

In a media release, the bank reported substantial growth in profitability for the first nine months of 2023. Profit before Tax (PBT) soared 100 per cent to Rs.7.181 billion versus Rs.3.577 billion in the same period last year, driven overall by revenue and lower impairment charges.

Core revenue streams such as growth in Net Interest Income, and Net Fee and Commission Income accelerated total operating income for the first nine months of 2023 which grew 6.19 per cent to Rs.37.373 billion, up from Rs.35.194 billion in the same period of 2022.

The bank’s total expenses increased by 25.71 per cent to Rs.13.846 billion for the same period, the rise attributed to factors such as adjustments made for staff benefits and rising costs of consumables and services.

Seylan Bank recorded an impairment charge of Rs.13.447 billion during the nine months ending September 2023, reflecting a 28.61 per cent reduction compared to the corresponding period in 2022. The impairment provision was made to account for changes in the macro economy and the credit risk profile of customers.

Despite the tough economic conditions, the bank has successfully delivered excellent growth in core revenue streams, growing profits, revenues and deposits. Its strong capital and liquidity position and prudent management has provided a buffer against market volatility.