PERFORMANCE IN THE FIRST QUARTER OF 2017
Seylan Bank posted a Profit After Tax of Rs. 866 million for the first quarter of 2017 against a backdrop of uncertain market conditions. The bank increased its Net Interest Income and recorded growth of 21 percent despite pressure on margins due to the rising cost of funds. Net Interest Margin contracted from 4.2 percent in 2016 to 3.9 percent in the first quarter of 2017 due to the cost of deposits increasing faster than the repricing of loans. The bank embarked on a four-year strategy (2017-2020) to grow through aggressive channel expansion, innovative and personalised product propositions and services to fulfil diverse clientele, and promote cost initiatives by streamlined business processes.