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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Massive Profit in Seylan bank Financial Statement ?

Massive Profit in Seylan bank Financial Statement ?

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mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
SEYB results are absurdly good. Can someone go over them to see if there is any jilmart involved

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Slstock

Post Mon Feb 13, 2012 6:02 pm by Slstock

@mono wrote:SEYB results are absurdly good. Can someone go over them to see if there is any jilmart involved

Hope you noticed the annualized part. Their annual eps is 3.29.

The quarter is annualized to show 8.7. Didn't check too deep. Atleast shows signs of recovery after VRS.

@slstock wrote:
@mono wrote:SEYB results are absurdly good. Can someone go over them to see if there is any jilmart involved

Hope you noticed the annualized part. Their annual eps is 3.29.

The quarter is annualized to show 8.7. Didn't check too deep. Atleast shows signs of recovery after VRS.

their profit for the quarter has grown by over 80% that's a large number considering this is a bank. Even in the september quarter their profit was only 400 mn this quarter it's 700mn

avatar

Post Mon Feb 13, 2012 6:13 pm by sapumal

SEYB - Interest income has increased.

SPEN and AHUN showing very good improvement - 40% & 90% improvements

SPEN EPS = 2.02 (+41.25%, vs 1.41) , NAV = 56.94
AHUN - EPS =1.50 (+87.5%, vs 0.80), NAV =28.32

Slstock

Post Mon Feb 13, 2012 6:21 pm by Slstock

@mono wrote:
@slstock wrote:
@mono wrote:SEYB results are absurdly good. Can someone go over them to see if there is any jilmart involved

Hope you noticed the annualized part. Their annual eps is 3.29.

The quarter is annualized to show 8.7. Didn't check too deep. Atleast shows signs of recovery after VRS.

their profit for the quarter has grown by over 80% that's a large number considering this is a bank. Even in the september quarter their profit was only 400 mn this quarter it's 700mn

There is over 250 Mil difference in specific Provisions. Contributes to lot of the profit difference. Need to dig deep to see where this came from.

Monster

Post Mon Feb 13, 2012 6:41 pm by Monster

@slstock wrote:
@mono wrote:SEYB results are absurdly good. Can someone go over them to see if there is any jilmart involved

Hope you noticed the annualized part. Their annual eps is 3.29.

The quarter is annualized to show 8.7. Didn't check too deep. Atleast shows signs of recovery after VRS.
It's really confusing. How come they got annual EPS 3.29 Shocked

Total Voting shares --> 173,333,333
Total non voting shares --> 164,746,666
Total shares (N + X) --> 338,079,999
Annual net profit --> 1005.798 million
Annual EPF --> 1005.798 million/ 338,079,999 = Rs 2.98

Correct me if I am wrong!

But at how it's a recovery after the VRS.

greedy

Post Mon Feb 13, 2012 6:47 pm by greedy

@slstock wrote:
@mono wrote:
@slstock wrote:
@mono wrote:SEYB results are absurdly good. Can someone go over them to see if there is any jilmart involved

Hope you noticed the annualized part. Their annual eps is 3.29.

The quarter is annualized to show 8.7. Didn't check too deep. Atleast shows signs of recovery after VRS.

their profit for the quarter has grown by over 80% that's a large number considering this is a bank. Even in the september quarter their profit was only 400 mn this quarter it's 700mn

There is over 250 Mil difference in specific Provisions. Contributes to lot of the profit difference. Need to dig deep to see where this came from.


Two things you have to consider......

1) Net Loan loss provision for the year is a positive number. That means a provision reversal of LKR310mn

2) SEYB has an exposure to Golden Key by way loan facilities. As we know the status of Golden Key Matter!!!! SEYB has to make loan loss provisions as per central bank guidelines by taking into consideration of value of properties given as mortgage by Golden Key. When they do provisioning, FSV value of properties are taken into consideration in calculating net exposure before making provision on Net Exposure.

Apparently SEYB has got some concession from CBSL not to make discounts on FSV of properties given as mortgage by Golden Key. Refer Note Number 1.6 in the Quarterly Accounts. Thereby,,,, I guess they have a provision reversal!



Refer CBSL guidelines for making loan loss provisions.... http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/efr/annual_report/ar2008e/12.ar08_part_III_e.pdf

rijayasooriya

Post Mon Feb 13, 2012 6:54 pm by rijayasooriya

Spilt from the orginal thread and moved to expert chamber.

greedy

Post Mon Feb 13, 2012 6:58 pm by greedy

Further to my reply above....

When you make loan loss provisions on loans, the provisions are made on net exposure

Net Exposure = Loans Outstanding - Forced Sale Value (FSV) of Properties given as Mortgage.

However, a bank cannot take 100% of the Forced Sale Value of properties in calculating Net Exposure. FSV value needs to be discounted as per CBSL guidelines. As per Guidelines the values to be taken in calculating Net exposure are....

At the first time of Provisioning 75% of the Freehold Property
If Loan is Outstanding Less than 12 months 75%
More than 12 but less than 24 months 60%
More than 24 but less than 36 months 50%
More than 36 but less than 48 months 40%

More than 48 months ...... Property should be reviewed on a regular basis, and discounted further at the discretion of the bank’s management.

Kumar

Post Mon Feb 13, 2012 7:00 pm by Kumar

Sri Lanka’s Seylan Bank Plc has earned a profit after tax of Rs. 1 billion during the financial year 2011, a drop compared to Rs. 1.22 billion achieved a year before.

However, the Bank says the billion rupee profit for the year 2011 was achieved after it incurred Rs. 698.7 million on a voluntary retirement scheme, during the same year.

Chairman of the Bank Eastman Narangoda says if the VRS cost is factored out, the 2011 results would have significantly exceeded the previous year levels.

The bank’s 4th quarter post tax profit has risen to Rs. 699.73 million during the year 2011, compared to just Rs. 383.91 million achieved during the same quarter in 2010, which Seylan says its best ever Q4 results.

Seylan Bank’s loan book during the year 2011 has grown by 27.6% to reach Rs. 97.5 billion while deposit has grown by 9.5% to reach Rs. 121 billion.

Total assets of the Bank have jumped to Rs. 166 billion, a growth of 11% over the year 2010.

Non-Performing Advances of Seylan Bank which stood at Rs. 25.7 billion, a year ago has been brought down to Rs. 20.9 billion as at end 2011, a reduction of Rs. 4.8 billion.

This situation, the bank says resulted in the NPA ratio significantly reducing from 21.4% in 2010 to 14.2% in 2011”.
http://www.news360.lk/business-finance/seylan-bank-achieves-a-1444-profit-of-rs-1-billion-in-2011

CSE.SAS

Post Tue Feb 14, 2012 1:23 am by CSE.SAS

*Profits fall but surpass billion rupee mark

Seylan Bank Plc reported its best ever Q4 results, reflecting a growth of 82 percent over last year to report a post-tax-profit of Rs. 699.73 million (2010 – Rs. 383.91 million), the bank said in a statement yesterday.

Chairman of Seylan Bank, Eastman Narangoda stated, "Profit-after-tax for the entire year surpassed Rs. 1 billion. This was even after the extraordinary cost of Rs. 698.7 million incurred for a Voluntary Retirement Scheme. The 2011 reported post-tax-profit of Rs. 1,003 million is below last year’s profit figure of Rs. 1,229 million. However, if the VRS cost (Rs. 698.7 Mn) is factored out, 2011results would have significantly exceeded last year’s performance".
During the year, significant growth was evident in the performing loan book, which grew by 27.6 percent to reach Rs. 97.5 billion. Deposits too recorded a growth of 9.5 percent to reach Rs. 121 billion as at end of the year. Total assets stood at Rs. 166 billion, recording a growth of 11 percent over 2010. A notable feature was the robust growth in the bank’s core business activities in the second half of the year with the momentum increasing significantly in the last quarter.

In 2011, Seylan Bank successfully raised Rs. 4.7 billion. through a fully subscribed Rights Issue. The Bank’s equity ended the year at Rs. 17.5 billion, significantly higher than Rs. 12.1 billion recorded last year. This enabled the Bank’s Capital Adequacy Ratio (Tier II) to reach 14.53 percent (2010 – 12.07 percent) for 2011, one of the highest in the industry.

During Q3, Fitch Rating upgraded the Bank’s rating to "A-", which was yet another milestone reached in 2011.

In terms of network, Seylan Bank further expanded its reach in 2011 by opening four new branches and seven convenient centres. It also relocated 10 branches / convenient centres to service customers better. As at end 2011, Seylan Bank boasted of 133 branches and convenient centres spread across the country. In addition, 08 new ATMs were added to the ATM network, increasing the total to 134.

General Manager/Chief Executive Officer of Seylan Bank Kapila Ariyaratne stated, "The results prove beyond doubt that the re-structuring of the organisation structure, improvement of operational and risk management processes and the significant improvement in HR practices and processes are beginning to yield the desired results. Emphasis on recoveries/restructuring of non performing debt, branch credit and customer service quality has combined to provide a platform for sustainable growth in Core activities. Non-Performing Advances which stood at Rs. 25.7 billion were reduced to Rs. 20.9 billion as at end 2011, a reduction of Rs. 4.8 billion. This resulted in the NPA ratio (Net of IIS) significantly reducing from 21.4 percent in 2010 to 14.2 percent in 2011".

In terms of efficiency, the Bank was able to rationalize overall staff numbers from 3,622 in 2010 to 3,150 as at end 2011. This reduction, despite expansion, was possible due to efficiency obtained through re-structuring, centralisation, automation and process re-engineering.

In terms of Group results, profit applicable to equity holders of the Bank stood at Rs. 1,006 million as of 2011. Group Net Assets per share was at Rs. 52.99, an improvement from the last year’s figure of Rs. 49.17.

With regard to national visibility, the ‘Seylan Thagi Pita Thagi’ campaign, launched in October 2011 was a highly successful brand building and deposit mobilisation campaign which has attracted great attention from Sri Lankans across the country and from all walks of life.

In Q3 & Q4, Seylan Bank developed a four-year Strategic Plan with the participation and input of staff across the branch network as well as all organisational support functions. The plan focuses on growth and profitability in the 04 years ahead with customer service, asset quality, automation and improved efficiency being key areas of focus.

"The unveiling of the Strategic Plan comes at an opportune time, when the Bank has consolidated itself and is ready for "growth" in the years ahead. 2011 has, in retrospect, been a year of consolidation where growth levels and efficiency ratios point towards the correct direction and a firm platform being laid for well chartered growth and further consolidation of its position as one of the leading players in Sri Lanka’s banking industry", the bank’s Chairman, Narangoda, said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=45207

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