PROFIT AFTER TAX OF RS. 3 BILLION IN THE THIRD QUARTER
Seylan Bank closed the nine months ending 30 September with a post-tax profit of Rs. 3,002 million (6% percent higher than in the corresponding period of the prior year). These results were impacted by provisions made on account of a legacy non-performing asset (NPA), payment of which is due from the Compensation Tribunal. Growth in advances, coupled with higher interest rates, enabled interest income to grow by 35 percent. Interest expenses increased by 48 percent due to funds moving into higher-yield fixed deposits. Further impact on interest cost was partly cushioned by a current and savings account (CASA) base over Rs. 90 billion. Net interest income recorded growth of 17.2 percent to reach Rs. 11,376 million.