Seylan Bank, recorded a strong quarterly performance with Profits before Income Tax reaching Rs. 798 Million, a 9% increase for the 3 months ended 31st March 2014. Profits after tax reached Rs. 514 Million compared to the Rs. 505 Million reported in the corresponding period in 2013.
Despite slower than expected credit growth and industry wide pressure on interest margins, Net Interest income increased by 13.7% to Rs. 2.45 Billion for the 3 months ended 31st March 2014. Net fee and commission income increased by 11.67% from Rs. 461 Million to Rs. 515 Million during Q-1 2014, showing a consolidation of the solid growth in core banking activities achieved by Seylan Bank over the past few years.
The Bank also successfully concluded a review and update of its Strategic Plan in the latter part of 2013, which enable the extension of the Bank's Strategic Plan to 2016.The areas of focus include Advance/Deposit growth, Branch Expansion, Customer Service improvement, Staff Development, NPA reduction, Cost Control, New Product Development, IT Infrastructure, Shareholder value, etc. The Strategic Plan also earmarks the opening of 100 libraries in under privileged schools over a period of 4-years. 26 such school libraries have been opened by the Bank, since 2013.
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