Seylan Bank scores a first from among Sri Lanka’s private commercial banks with its AGM on Friday 26 March.
The Bank recently posted a Rs. 543.301Mn Profit after Tax for 2009 representing an increase of 250% over the previous financial year. During the same period, the Bank’s cost-to-income ratio showed a marked improvement decreasing from 75.79% to 67.82%, while the total capital adequacy ratio – under severe pressure during the end 2008 crisis – rose from 8.06% to 11.74%.
The Bank’s Profit before Tax increased from Rs. 155.241Mn in 2008 to Rs. 892.572Mn in 2009 thus recording an unprecedented increase of 475%. Meanwhile the price of Seylan Bank Ordinary Shares has shown a steady increase from Rs. 28.50 on 31 December 2008 to Rs. 37.00 on 31 December 2009. The Bank’s non-voting shares have performed even better by going up from Rs. 6.00 on 31 December 2008 to Rs. 16.00 on 31 December 2009.
Chairman of the Seylan Bank Eastman Narangoda said, “Our renaissance is a 100% success story. The past is now firmly rooted in history. I’m proud to state with a deep sense of conviction and confidence, that Seylan Bank today enjoys stability and profitability. Operating under the Central Bank-appointed new Board of Directors, and, with the implementation of a far-reaching Strategic Plan, we launched a strong recovery drive encompassing many areas. This, in turn, successfully restored investor confidence. The dividends are being enjoyed by our thousands of shareholders.”
The Directors of Seylan Bank are Eastman Narangoda (Chairman), R. Nadarajah (Executive Director) and Directors Nihal Jayamanne PC, Lalith Vithana, Retd. Rear Admiral B.A.J.G. Peiris, Pradeep Kariyawasam, Dr. Nalaka Godahewa, Ajith Devasurendra, Ishara Nanayakkara and Samantha Ranatunga.
Photo caption: Eastman Narangoda - Chairman, Seylan Bank
