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‘Seylan Bank records impressive Profit After Tax of LKR 2.29 Bn in Q1 2024’

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  • Profit before Tax increased 115% to LKR 3,704 Mn

  • Profit after Tax grew 102% to LKR 2,295 Mn

  •  Overall Statutory Liquid Assets Ratio (SLAR) at 39.42%

Seylan Bank has announced an impressive growth in its Q1 2024 financial results as at 31 March 2024, with a Profit Before Tax (PBT) of LKR 3,704 Mn, marking a 115% increase compared to Q1 2023. The Bank’s Profit After Tax (PAT) also witnessed a remarkable growth of 102%, standing at LKR 2,295 Mn. Despite a challenging environment, Seylan Bank has reported a strong financial performance.

The Bank’s Net Interest Income decreased by 17.71%, from LKR 11,388 Mn to LKR 9,371 Mn over the previous year. While the Net Interest Margin also recorded a reduction from 5.76% in 2023 to 5.24% in Q1 2024. The Bank’s Net Fee-based Income recorded a growth of 3.62%, mainly due to an increase in Card Related Income, Commission on Guarantees, and Income from Trade.

The Bank’s Total Operating Income was at LKR 11,707 Mn, a decrease of 12.51% compared to the corresponding period of 2023, driven mainly by a reduction in Net Interest Income. However, other income captions comprising of net gains from trading activities, net gains from de-recognition of financial assets, and net other operating income, reflected an overall increase of 127.22% compared to the corresponding period of 2023.

The Bank recorded an impairment charge of LKR 1,555 Mn in Q1 2024, a reduction of 75.57% over the corresponding period mainly due to enhanced credit quality and strengthening of recovery initiatives.

Total Operating Expenses recorded an increase of 15.42% from LKR 4,441 Mn to LKR 5,126 Mn for the 3 months ended 31st March 2024. Personnel expenses increased by 21.49% from LKR 2,237 Mn to LKR 2,718 Mn mainly due to increases in staff benefits based on the recently concluded collective agreement. Other Operating Expenses and Depreciation and Amortization expenses also increased by 9.25% due to increase prices in consumables and services over the period demonstrating the Bank’s continued measures to curtail costs through various cost reduction initiatives.

Income tax expenses surged 140.67% to LKR 1,409 Mn from LKR 585 Mn in the comparative period due to higher profits. Value Added Tax on Financial Services increased by 57.77% from LKR 735 million to LKR 1,160 Mn for the first three months of 2024. Additionally, Social Security Contribution Levy rose by 37.35% from LKR 117 Mn to LKR 161 million during the same period.

The Bank’s Total Assets were recorded at LKR 712 Bn as of 31st March 2024. Loans and Advances net of Impairment were recorded at LKR 427 Bn. Deposits reflected a marginal reduction to LKR 590 Bn. Local currency deposits increased by LKR 15.46 Bn, while foreign currency deposits contracted by LKR 16.61 Bn mainly due to local currency appreciation.

The Bank’s performance metrics have also showed improvement during the period under review. The Bank’s Asset Quality Ratios indicated an Impaired Loan (Stage 3) Ratio of 3.89% and an Impairment (Stage 3) to Stage 3 Loans Ratio of 66.75%. Return on Equity (ROE) stood at 14.94% compared to 10.88% in 2023, while Earnings per Share for Q1 2004 increased to LKR 3.61 from LKR 1.79 in Q1 2023.

Key financial ratios and indicators of Seylan Bank PLC remained sound as of 31st March 2024. The capital adequacy ratios were well above the regulatory minimum requirements and recorded 12.69% as Common Equity Tier 1 Capital Ratio and Total Tier 1 Capital Ratio and 15.84% as the Total Capital Ratio.

In addition to its financial achievements, Seylan Bank opened six (06) ‘Seylan Pahasara Libraries’ during the quarter, bringing the total number to 231 as of 31st March 2024.

(Seylan Bank)



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HNB Finance bags 2 CMA Reporting Awards 2025

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Prof. Ho Yew Kee presents the award, while Rajeeva Bandaranaike hands over the certificate to the HNB Finance team. Featured (right to left): Thushara Jayasekara – Chief Manager / Head of Corporate Planning & Analytics; Randula Munindradasa – Assistant Manager Planning & Analytics; Sandakelum Jayathunga – Senior Manager – Financial Reporting; Maheshika Samarakoon – Manager – Strategy Implementation & Reporting

HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.

At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.

The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.

Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”

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ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises

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Mithila Shyamini, Assistant General Manager – Personal Banking at Commercial Bank and Jude Fernando, Chief Executive Officer of the National Credit Guarantee Institution exchange the agreement in the presence of representatives of the two organisations

The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.

The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.

Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.

‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.

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Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations

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Defence Secretary Air Vice Marshal (Retd) Sampath Thuyacontha receiving the donation from Sajith Gunaratne - General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera - General Manager of Ceylon Grain Elevators PLC

Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.

As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.

The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.

Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.

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