Connect with us

Business

Seylan Bank records an impressive Profit after Tax of LKR 5.49 Bn in 1H 2025

Published

on

Seylan Bank recorded a Profit before Income Tax (PBT) of LKR 8,444 Mn in 1H 2025, against LKR 7,331 Mn in 1H 2024 demonstrating a growth of 15.18%.

For the 6 months ended 30 June 2025, Profit after Tax recorded by Seylan Bank was LKR 5,489 Mn a growth of 20.41% against LKR 4,558 Mn recorded in the corresponding period of 2024.

Statement of Financial Performance

Net interest income decreased from LKR 18,590 Mn to LKR 17,762 Mn, a decrease of 4.45% over the previous year for the 6 months ended 30 June 2025 mainly due to the reduction in market interest rates and repricing of loans and deposits. The Bank’s Net Interest Margin (NIM) also recorded a reduction from 4.90% in 2024 to 4.52% in 1H 2025. The Bank’s net fee based income recorded a growth of 15.43% from LKR 3,739 Mn to LKR 4,316 Mn during 1H 2025, and growth was mainly attributed to fee income from Cards, Remittances, Trade and other financial services.

The Bank’s total operating income was LKR 23,114 Mn, a decrease of 0.71% compared to LKR 23,279 Mn recorded in the corresponding period of 2024, driven mainly by the reduction in Net Interest Margins during the period.

Other income captions comprising of net gains from trading activities and net other operating income, reflected an increase compared to the corresponding period of 2024.

Total Operating Expenses recorded an increase of 8.37% from LKR 10,388 Mn in 2024 to LKR 11,258 Mn in 2025 for the 6 months ended 30 June 2025. Personnel expenses increased by 7.99% from LKR 5,372 Mn to LKR 5,801 Mn mainly due to increase in staff related expenses. Other Operating expenses and depreciation and amortization expenses too increased by 8.78% due to increase in prices of consumables and services over the period. The Bank will continue to take relevant measures to curtail costs through various cost optimization initiatives.

The Bank recorded an impairment charge of LKR 491 Mn in 1H 2025 against LKR 2,956 Mn reported in 1H 2024 with a reduction of 83.39%. The Bank has ensured impairment provisions are made to capture the changes in the global and local economy, credit risk profile of customers and the credit quality of the Bank’s loan portfolio in order to ensure adequacy of provisions recognized in the financial statements.

(Seylan Bank)



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Inflation curbed by govt. fuel subsidy introduction and surcharge on vehicle import tax – CBSL Governor

Published

on

CBSL Governor Dr. Nandalal Weerasinghe

By Hiran H. Senewiratne

The government’s decision to introduce the fuel subsidy and the surcharge on the vehicle import tax helped curb inflation to a great extent, Central Bank Governor Dr. Nandalal Weerasinghe said.

‘The government this week approved a Rs. 40 billion fuel subsidy for the next three months on top of Rs. 57 billion provided from April-June, Governor Weerasinghe told the media yesterday at the Central Bank head office in Colombo at the CBSL’s monthly monetary policy review meeting.

‘If not for fuel subsidy and surcharge on the vehicle import tax, the inflation would have been higher than the current level, the Governor said.

‘There could have been higher imports and reserve building up would have been difficult. Inflation has risen beyond the Central Bank’s upper band of 7 percent since July, he said.

‘The country’s inflation hit a 37-month high of 8 percent in August after the government raised fuel prices more than 50 percent following the Middle Eastern escalation by end February, Dr Weerasinghe said.

The Central Bank’s inflation target for the past three years have been 5 percent with lower band of 3 percent and higher band of 7 percent, Governor said.

The Governor added: ‘The government provided Rs.57 billion as a fuel subsidy mainly for diesel. The latest Rs.41 billion has been allocated only for diesel as it is used for public transport.

‘The government also imposed a temporary 50 percent surcharge on Customs Import Duty on new personal vehicles on May 16 and has extended it until December 31, a move that will help to prevent outflow of foreign currency.

‘The Central Bank also tightened the monetary policy in May, raising the key monetary policy rate by 100 basis points, to curb excess demand in the economy to control demand-driven inflation.’

Meanwhile, head of the CBSL’s Economic Research Department L.R.C. Pathberiya said, ‘Credit growth has slowed to 24.5 percent year on year in August from a higher level of 30 percent a few months ago, after the Central Bank’s monetary policy tightening in May.

‘However, the Central Bank is optimistic about the current credit growth, he explained.

Pathberiya added: ‘The credit to the private sector from commercial banks has slowed, but we believe it is sufficient for economic growth.

‘The nation’s economic growth slowed to 4.2 percent year-on-year, its lowest in 11 quarters’’.

Continue Reading

Business

PM warns Sri Lanka’s waste crisis is a ‘disaster waiting to happen’

Published

on

The third ICPIES being addressed by Prime Minister Dr. Harini Amarasuriya.

By Ifham Nizam

Prime Minister Dr. Harini Amarasuriya warned that Sri Lanka’s worsening waste-management crisis, particularly the uncontrolled accumulation of plastic waste and poorly managed landfills, was a “disaster waiting to happen”, urging scientists, researchers and policymakers to help the government find practical solutions before the problem reaches a critical point.

Addressing the launching of the Open University of Sri Lanka organized, ‘International Conference on Plastics, Innovations and Environmental Sustainability’ (ICPIES 2026) as Chief Guest, at the Cinnamon Lakeside Hotel yesterday she said waste management, waste reduction and recycling had become national priorities, with the government placing greater emphasis on the issue in its preparations for the 2027 Budget.

‘This is becoming a critical issue and something that, at any moment, if we don’t manage it properly, could become a huge disaster. It’s a disaster waiting to happen, Dr. Amarasuriya said.

She said unregulated and poorly managed landfills, particularly in and around Colombo, posed serious environmental and public risks, while increasing urbanisation was extending the waste-management challenge beyond the capital to other parts of the country.

‘As a member of Parliament for the Colombo District, I can tell you that one of the biggest challenges we are facing is waste management and actually managing the recycling of waste, and particularly of plastic products. This is something that we are battling every day, she said.

The Prime Minister said the government could not regard economic development as meaningful if it came at the expense of the country’s environment and natural resources.

‘If we are to speak of a beautiful life, we must first ensure that the air we breathe, the water we drink, the soil on which we live, the food we eat is clean and secure, she said.

She pointed to the scale of the global plastics crisis, noting that around 400 million tonnes of plastic waste are generated worldwide each year, while between 19 and 23 million metric tonnes of plastic waste enter natural ecosystems annually.

Plastic waste eventually breaks down into microplastics, which can enter aquatic organisms and subsequently the human food chain, she said.

Dr. Amarasuriya also linked plastic consumption and environmental degradation to the wider climate crisis, warning that the consequences of climate change were already being experienced by communities around the world.

She referred to devastating floods and landslides in the Himalayan region and said the impacts of climate change demonstrated that environmental damage could have consequences far beyond national boundaries.

Coastal clean-up projects and other waste-separation and recycling initiatives are also being implemented, while the government is working with the Western Provincial Council on a refuse-derived fuel project at Karadiyana.

The third ICPIES, held under the theme “Eco-Driven Innovations,” brings together researchers, policymakers, industry representatives and other stakeholders to examine plastic pollution, microplastics, circular-economy approaches, waste-management policy, technological innovation, artificial intelligence and smart environmental monitoring. The conference ends today.

Senior Professor P. M. C. Thilakarathne, Vice Chancellor of the Open University of Sri Lanka, was the Guest of Honour.

Continue Reading

Business

Mention of possible future inflation dampens investor appetite

Published

on

By Hiran H. Senewiratne

Stock investors were worried yesterday following Central Bank Governor Dr. Nandalal Weerasinghe’s mention at the CBSL monthly monetary policy review meet of possible future inflation pressures that may impact the economy.

The All Share Price Index went down by 4.89 points, while the S and P SL20 rose by 16.1 points. Turnover stood at Rs 1.55 billion with four crossings.

Those crossings were; Access Engineering crossed 1.5 million shares to the tune of Rs 119.8 million; its shares traded at Rs 79.60, Sampath Bank 450,000 shares crossed tfor Rs 63 million; its shares sold at Rs 140, Sunshine Holdings 750,000 shares crossed to the tune of Rs 21.4 million; its shares traded at Rs 28.50 and Softlogic Life 290,000 shares crossed for Rs 20.4 million; its shares sold at Rs 70.40.

In the retail market companies that mainly contributed to the turnover were: Access Engineering Rs 150 million (1.9 million shares traded), JKH Rs 113 million (six million shares traded), Softlogic Life Rs 80 million (one million shares traded), Softlogic Capital Rs 64.7 million (6.7 million shares traded), Lanka Realty Rs 64.3 million (1.3 million shares traded), Colombo Dockyard Rs 53.7 million (452,000 shares traded) and Sierra Cables Rs 50 million (1.43 million shares traded). During the day 58.9 million share volumes changed hands in 13536 transactions.

It is said that mixed market reactions were noted especially in manufacturing while banking, insurance and FMCG sectors performed well. Further, construction sector counters, especially Access Engineering, and banking sector counters, especially Sampath Bank, performed well.

People’s Leasing & Finance PLC announced its allotment basis for 100 million listed debentures it issued to raise Rs 10 billion, after receiving applications for the full amount.

Yesterday the rupee was quoted at Rs 330.68/75 to the US dollar in the spot market from Rs 330.70/90 the previous day, while bond yields were quoted steady to lower, dealers said.

An auction of Rs 80,000 million Treasury bills was ongoing.

Continue Reading

Trending