Sri Lanka's Seylan Bank ups Q1 net profit by 59%

Seylan Bank reported a net profit-after-tax of Rs. 406.8 million or US$3.129 million in Q1 of 2012.

This is a 59% increase from the Rs. 256.3 million in net profit last year.

Compared to Q1 of 2011, net interest income grew by 9% from Rs. 1,878.4 million to Rs.2,047.3 million,while non interest income increased by 6% from Rs. 576.6 million to Rs.612.7 million. Total overhead costs were tightly controlled at Rs. 1,699.5 million, as opposed to Rs.1,669.9 million in Q1 last year. Profit before tax was 60% above last year at Rs. 632.6 million.

Strong and steady growth was evident in total loans and advances and customer deposits in the quarter, which grew by Rs. 8.4 billion and Rs. 4.2 billion respectively, which are growth rates of 28% and 14% respectively.

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