|
Seylan
Bank posts after tax profit of
Rs. 365 million during first half of 2003
Seylan
Bank which has emerged as an innovative commercial bank in Sri Lanka,
playing a key role in the financial sector of the economy, has posted
an after tax profit of Rs. 365.1 million during the first half of
2003, achieving an increase of 21.2% over the prior year's figure of
Rs. 301 million.
The
group profit of the bank was boosted to a level of Rs. 771.6 million
growing at a staggering 142.3% owing to the sizeable contribution by
its fully owned subsidiary Seylan Asset Management (Pvt) Ltd.
Its
presence as a domestic bank with a wide network of branches numbering
94 has afforded banking opportunities to customers both big and small
in all parts of the island.
On
August 12, the bank will launch an issue of 20 million non voting
ordinary shares, and the issue will open for subscription by the
public on August 14.
The
shares will be quoted on the Colombo Stock Exchange. If the issue of
20 million non voting ordinary shares in oversubscribed prior to the
closing date, the issue will be increased by a further 20 million
shares making a total of 40 million shares amounting to Rs. 1 billion.
The shares are priced at Rs. 25 (par value of Rs. 10 and a premium of
Rs. 15).
In
the future, its investment in staff training and enhancement of
technology is expected to further improve the performance of the bank.
Through
its trained and dedicated staff, the bank has been able to live up to
its motto of being 'The Bank with a Heart.'
All
branches are now linked, thereby increasing the level of operational
efficiency and customer service.
Its
products have been matched with the strategy of achieving sustained
growth. The bank has thereby achieved the status of being an
innovative bank reaching the grassroot levels.
The
establishment of convenient banking centres numbering 10 upto now will
be increased to 18 before the end of this year.
In
addition the bank's operations around the country have been further
strengthened with the expansion of its branch network which has now
increased to a total of 94 with the latest branch being established in
Nittambuwa.
It
has paid a great deal of attention to catering to customer needs
through careful perception and understanding of the "wants"
of the market.
As
a result, its products are quickly accepted by the market, reaching
the desired levels of growth and profitability.
Deposits
of the bank increased by 9.57% to record Rs. 52.43 billion, while
advances of the bank increased by 14.03% to register Rs. 41.27 billion
in the past year.
The
bank enjoys a sizeable share of the total deposits of all listed banks
on the Colombo Stock Exchange, a milestone achieved in just 16 years
of its existence.
In
the bank's efforts to mobilise savings, apart from traditional savings
and time deposits, 'Seylan Tikiri Accounts' - a children's savings
account plays a significant role. Innovative products such as 'Merit
Rewards' - linked to the bank's current and savings accounts are also
supportive in mobilising deposits.
Seylan
Bank's role as a premier commercial bank has become evident due to the
commitment and the role it has played.
More
Stories
|
