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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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Latest topics

» CIFC Dumps to Expand Your Possibilities to Pass Your Exam
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyFri Jul 19, 2024 10:30 am by faithhharris

» CCS.N0000 ( Ceylon Cold Stores)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්‍රතික්ෂේප කළ ගණිතඥයා
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyThu Mar 30, 2023 9:25 am by yellow knife

» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyThu Mar 30, 2023 9:25 am by HaeroMaero

» The Korean Way !
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Mar 29, 2023 7:09 am by කිත්සිරි ද සිල්වා

» In the Meantime Within Our Shores!
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

» What is Known as Dementia?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyFri Mar 24, 2023 10:09 am by කිත්සිරි ද සිල්වා

» SRI LANKA TELECOM PLC (SLTL.N0000)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

» Equinox ( වසන්ත විෂුවය ) !
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyMon Mar 20, 2023 4:28 pm by කිත්සිරි ද සිල්වා

» COMB.N0000 (Commercial Bank of Ceylon PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Mar 19, 2023 4:02 pm by කිත්සිරි ද සිල්වා

» RICH.N0000 (Richard Pieris and Company PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

» Do You Have Computer Vision Syndrome?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySat Mar 18, 2023 7:36 am by කිත්සිරි ද සිල්වා

» LAXAPANA BATTERIES PLC (LITE.N0000)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Mar 15, 2023 5:33 pm by කිත්සිරි ද සිල්වා

» 104 Technical trading experiments by HUNTER
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

» GLAS.N0000 (Piramal Glass Ceylon PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

» Cboe Volatility Index
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

» AHPL.N0000
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyFri Mar 10, 2023 4:43 pm by yellow knife

» Bitcoin and Cryptocurrency
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyFri Mar 10, 2023 1:47 pm by කිත්සිරි ද සිල්වා

» CSD.N0000 (Seylan Developments PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

» Bakery Products ?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Mar 08, 2023 5:30 pm by කිත්සිරි ද සිල්වා

» NTB.N0000 (Nations Trust Bank PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

» When Seagulls Follow the Trawler
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyMon Nov 07, 2022 6:36 pm by කිත්සිරි ද සිල්වා

» WATA - Watawala
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

» KFP.N0000(Keels Food Products PLC)
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyFri Oct 21, 2022 5:25 pm by කිත්සිරි ද සිල්වා

» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyThu Oct 20, 2022 10:13 am by කිත්සිරි ද සිල්වා

» What Industry Would You Choose to Focus?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyTue Oct 11, 2022 6:39 pm by කිත්සිරි ද සිල්වා

» Should I Stick Around, or Should I Follow Others' Lead?
Seylan reports a Profit after Tax of Rs 2.3 Billion EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

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2 posters

    Seylan reports a Profit after Tax of Rs 2.3 Billion

    Sriranga
    Sriranga
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    Posts : 3226
    Join date : 2014-02-23
    Location : Colombo

    Seylan reports a Profit after Tax of Rs 2.3 Billion Empty Seylan reports a Profit after Tax of Rs 2.3 Billion

    Post by Sriranga Sat Mar 01, 2014 11:15 pm

    02-03-2014 Sunday Island

    Seylan Bank’s Profit after Tax reached a record Rs. 2,315 Million compared to the Rs. 2,064 Million reported in 2012, an impressive 12% growth in PAT for the year ended 31st December 2013. Profit after Tax for Q-4 2013 (final quarter) was reported at Rs. 780 Million as compared with Rs. 466 Million for the same period last year reflecting a growth of 67% over Q-4 last year.

    Despite slow credit growth and industry wide pressure on interest margins, Net Interest income increased from Rs. 9,014 Million to Rs. 9,830 Million for the 12 months ended 31st December 2013. Fee and Commission income increased 25.5% from Rs. 1,695 Million to Rs. 2,127 Million showing a consolidation of the solid growth in core banking activities achieved by Seylan Bank over the past few years.

    During the year under review the Bank also focused considerably on cost containment. As a result of many effective cost containment initiatives, Total Other expenses were reduced by 6% from Rs. 3,299 Million in 2012 to Rs. 3,091 Million in 2013. Total Personnel Expenses increased by 13%, due to a Salary revision granted to all staff at the beginning of the year. The Bank also successfully implemented a Core Banking System upgrade in February 2013. This will have significant cost efficiencies through process improvements to the Bank in the coming years.

    The upgrade will also facilitate many additional functionalities enabling better product and service delivery to its customers.The Bank grew its deposits base by 14% from Rs. 146.7 Billion to Rs. 167.3 Billion during 2013 and its Net Advances portfolio by 9.5% from Rs. 124.7 Billion to Rs. 136.6 Billion during the year under review. Even more significantly, despite an industry wide trend of deteriorating asset quality, Seylan is one of the few Banks who was able to improve its asset quality through effective recovery and rehabilitating efforts which resulted in a significant reduction in its Gross NPA (net of IIS) from 12.99% in December 2012 to 10.58% as at end December 2013.

    In September 2013, Fitch affirmed the Banks rating at A- lka, with a ‘stable’ outlook. The Bank also successfully concluded a review, update and extension of its current 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 privilege schools over a period of 4-years. In the latter half of 2013, 11 such school libraries were opened by the Bank.

    During 2013, the Bank opened 4 new branches, fully refurbished 16 branches and relocated a further 6 branches to more customer friendly locations. As at 31stDecember 2013, the Bank network comprised of 151 Branches, 158 ATMs and 86 Student Savings Centres. The Bank’s total Capital Adequacy ratio stands at 15.75% as at 31st December 2013, well above the regulatory requirement.As a result of this impressive 2013 performance, Earnings per share stood at Rs 6.74 (Group Rs. 6.78), while Return (profit before tax) on Assets and Return on Equity stood at to 1.72% and 11.4% respectively. The Bank’s Net Asset Value per Share as at 31st December 2013, was Rs. 63.08 (Group Rs. 65.69)
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    knockknobbler
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    Seylan reports a Profit after Tax of Rs 2.3 Billion Empty Re: Seylan reports a Profit after Tax of Rs 2.3 Billion

    Post by knockknobbler Sun Mar 02, 2014 12:05 pm

    Redbulls wrote:02-03-2014 Sunday Island

    Seylan Bank’s Profit after Tax reached a record Rs. 2,315 Million compared to the Rs. 2,064 Million reported in 2012, an impressive 12% growth in PAT.......  

    It seems , this is taken from Sunday Island newspaper.
    Is this a report by a journalist, or a Press Release issued by the Bank ?

    We know the  bank had problems in the recent past,and they have granted  massive loans to Ceylinco group companies , which were not recoverable.  What happened to those advances ? Are those profits are stated after making provisions for those unrecoverable s ?  Or just postponing the problems ?

    Probably , someone can get a clue from the following passage, in 31 Dec Accounts.  

    5. Impairment Allowances on Loans and Receivables- Ceylinco Group Exposure
    In view of the special circumstances under which the Bank was reconstituted by the Direction of the Central Bank of Sri Lanka, the Monetary Board has granted an exemption for providing loan losses for a period of 3 years from December 31, 2010 to Seylan Bank PLC, from the requirement to apply progressive discount on the forced sale value of immovable property, in terms of the Banking Act Direction No. 03 of 2008 on "Classification of Loans and Advances, Income Recognition and · Provisioning", when computing the provisioning to be made as at December 31, 2013, for nonperforming facilities of Ceylinco Homes International (since covered under the scope of Act No 43 of 2011- Revival of Underperforming Enterprises or Underutilized Assets and subsequently placed under the Compensation Tribunal. No adjustments have been made to the valuations used for accounting purposes) and Golden Key Credit Card Company.

      Current date/time is Tue Dec 10, 2024 5:36 pm