Seylan Bank 2022 Net Interest Income soars to 72% with robust revenues reconfirming stable growth

Seylan Bank reported a robust Profit before Tax (PBT) of LKR 6.6 Bn, a 10% growth for the year ended 31st December 2022 while recording a Profit after Tax (PAT) of LKR 4.7 Bn delivering a stable performance. The results were further buoyed by an impressive 72% rise in Net Interest Income (NII) for the year under review, compared to 21% in the previous year,

Mindful of the current uncertainties, the Bank reinforces its resilience and stability with continued profitability trend in 2022, while supporting the nation’s economic resurgence.

Seylan Bank’s NII was fueled by surges in both Interest Income and Interest Expenses reflecting a growth of 84% and 96% respectively in 2022, compared to a de-growth of 8% and 27% the previous year. The rise in the NII was mainly driven by increase in market rates, and faster repricing of loan book than the deposit base. The Net Interest Margin stood at 6.33% in 2022 compared to 4.05% recorded in 2021.

In a year which was challenged by many commuting issues, the Bank continued to leverage innovation and technology to play a pioneering role in digital payment and adoption of bespoke solutions. FY 2022 witnessed a growth of over 70% in the eCommerce market space, fueled by the Seylan Merchant Portal achieving a significant growth in turnover. Digital engagement has also increased with e-statement penetration on Current Accounts rising to 44% and credit cards to 79% during 2022 and this initiative further supported the Bank’s positive continuation towards minimizing its carbon foot print. Furthermore, Seylan Bank uplifted the Mobile Banking App to provide great convenience with access via biometrics and face detection technology. Seylan Bank has also set up 96 Cheque Deposit Machines across the island enabling access to many current account holders with 24×7 access.