Despite industry wide pressure on interest margins and growth, Net Interest income increased by 20% to Rs. 2.80 Billion for the 3 months ended 31st March 2015. Net fee and commission income increased by 9% from Rs. 515 Million to Rs. 562 Million during Q-1 2015, showing a consolidation of the solid growth in core banking activities achieved by Seylan Bank over the past few years. The Bank, based on its 4 year Strategic Plan (2012 – 2016), has focused significantly on areas which 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. 57 such school libraries have been opened by the Bank, since 2013.
The Net Advance portfolio of the Bank grew from Rs. 154.9 Billion to Rs. 155.2 Billion during Q-1, while its Deposit Base marginally reduced from Rs. 185.9 Billion to Rs. 185.0 Billion during the 3 months under review.
Courtesy: Daily News 14 May 2015