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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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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

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