Business
‘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
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Profit after Tax grew 102% to LKR 2,295 Mn
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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)
Business
Dr RAD Jeewantha named most innovative dentist of the year

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.
His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.
He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.
Business
IIHS Foundation in Biological Studies offers fast-track route to global health careers

The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.
Business
Seylan Bank Reports Strong Growth in Q1 2025 Financials

Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.
Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.
Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.
Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.
In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.
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