Seylan Bank recorded a Profit before Income Tax (PBT) of Rs. 16.04 bn for the period under review with a 59% growth over the previous year, while recording a Profit After Tax (PAT) of Rs. 10.05 bn for the year with a 61% growth over the previous year, demonstrating a robust performance despite challenging macro-economic conditions. The reported Rs. 10 bn PAT is the highest performance in the Bank’s 36 year history.
Net Interest Income of the Bank was reported as Rs. 37 bn in 2024 compared to Rs. 40 bn reported in 2023 with a decline of 8% corresponding to reduction in Net Interest margins during 2024, due to reduction in market interest rates throughout the year.
Net fee and commission income of the Bank reported a growth of 7% to Rs. 8 bn compared to Rs. 7.4 bn reported in the previous year. The growth in 2024 was mainly due to increase in income from Cards, Remittances and other services relating to lending.
The Bank’s net gains from trading reported a gain of Rs. 0.46 Bn, a decrease of 44% over the gain of Rs. 0.82 Bn reported in previous year due to exchange / interest rate changes.
Net gains / (losses) from de-recognition of financial assets reported a loss of Rs. 0.26 bn in 2024, compared to the gain of Rs. 0.15 Bn reported in the previous year. The loss due to the restructuring of SLISBs amounted to Rs. 2.71 bn and was recorded in Q4 2024.
Other Operating Income of the Bank was reported as Rs. 1 bn in 2024, a growth of 5% over the previous year. This increase is mainly from foreign exchange income, which represents both revaluation gain/ (loss) on the Bank’s net open position and realised exchange gain/ (loss) on foreign currency transactions. The Bank’s Total Operating Income decreased by 11.6% to Rs. 44 bn in 2024 compared to Rs. 49 bn in the previous year mainly due to decrease in net interest income and the loss on restructuring of SLISBs.
The Bank made impairment provision to capture the changes in the macro economy, credit risk profile of customers and the credit quality of the Bank’s loan portfolio to ensure adequacy of provisions recognised in the financial statements.
The impairment charge on Loans and Advances and other credit related commitments amounted to Rs. 6.6 bn (2023 – Rs. 15.5 bn). The impairment reversal due to the SLISBs exchange amounted to Rs. 4.9 bn (2023 – Rs. 1.5 bn charge).
The Bank’s total assets reached to Rs. 780 bn as at December 31, 2024, a 9% growth during the year under review compared to Rs. 718 bn recorded in the previous year demonstrating sustainable growth of the Bank over the years.
The capital adequacy ratios were well above the regulatory minimum requirements and recorded 14.25% as Common Equity Tier 1 Capital Ratio and Total Tier 1 Capital Ratio and 18.59% as the Total Capital Ratio.
