Seylan Bank made a steady start in 2019 posting a Profit after Tax of 903 million rupees in first quarter despite less than ideal market conditions. Net interest income increased by Seylan Bank reports growth 5.17 per cent during the first quarter of 2019 while net fee and commission income from core banking activities witnessed a decrease of 2.92 per cent to reach 966 million rupees in first quarter of 2019 as compared to 995 million rupees for the comparative period. Impairment charges for the period reached 589 million rupees, a 40 per cent decrease compared to a charge of 982 million rupees in first quarter of 2018. Total expenses recorded an increase of 6.76 per cent from 2,988 million rupees in the first quarter of the previous year to 3,191 million rupees during the period under review.
The loans and advances port- folio of the Bank recorded a marginal growth of 3.26 per cent to 337,533 million rupees during first quarter of 2019 amidst rising interest rates. The growth in credit was driven primarily by term loans, refinance loans and revolving import loans.
The overall deposit base re- corded a marginal growth of 2.65 per cent to 367,053 million rupees by first quarter of 2019 while Bank’s CASA ratio (Cur- rent and Savings) stood at 28.81 per cent. Total Time Deposits increased slightly from 71.16 per cent by end of year 2018 to 71.19 per cent as at March 31, 2019 of the total deposits base.
The Bank remained soundly capitalized, with the key capital adequacy ratios well above the regulatory minimum require- ments.