Seylan group reported a resilient performance by recording a Profit after tax of Rs.5, 004 Million for the year ended 31st December 2017, which is the highest profit reported in its history.

Colombo, Sri Lanka -- (SBWIRE) -- 02/27/2018 -- In the backdrop of challenging external environment, Seylan group reported a resilient performance by recording a Profit after tax of Rs.5, 004 Million for the year ended 31st December 2017, which is the highest profit reported in its history. Seylan Bank also continued its growth momentum by achieving a profit after tax of Rs. 4,430 Million during the period under review.

Net interest income recorded a moderate growth of 15.03% as a result of the strong balance sheet growth. Net interest Margin stood at 4.24%.

Net fee and commission income witnessed a 22.07% robust growth from Rs. 3,103 Million to Rs. 3,788 Million during 2017. This was mainly attributed from core banking related business.

Other operating income comprising of net gains from trading, net gains on financial instruments, gains on foreign exchange and other income increased by 39.18% from Rs. 1,192 Million reported in 2016 to Rs.1,660 Million during 2017 mainly due to capital gains on Government Securities.

Total Expenses recorded an increase of 11.90% from Rs. 9,725 million to Rs. 10,882 million. Expenses growth was witnessed by a higher proportion of investments being made towards branch upgrading and refurbishments, continuous development in human resources and technology which resulted in the underlying expenses increasing rapidly over the previous period. Nevertheless Bank continues to focus on Cost Management through strategic cost management initiatives.

The Bank reported a net credit growth of 19%, with net advances growing from Rs. 236,020 Million to Rs. 280,862 Million during 2017.

CASA growth slowed down with a notable shift from low cost to fixed deposits seen mainly due to increasing interest rates. As a result Bank's CASA ratio (current & savings accounts) stood at 31.20% and total Time Deposits increased from 67.48% by end of year 2016 to 68.80% as at 31st December 2017 of the total deposit base. The overall deposit base recorded a growth of 12.30% from Rs. 273,456 Million by end of 2016 to Rs. 307,099 Million by 31st December 2017.

As a result of the strong performance during the year, Bank's Earnings per Share (EPS) grew by 10.47% to Rs. 12.58. The Bank recorded a Return on Average Asset (ROAA) of 1.74% and Return on Equity (ROE) of 14.30%. The Bank's Net Asset Value per share as at 31st December 2017 was Rs. 96.50 (Group Rs 101.08).

The Bank also continued focusing on education which has been at the centre of attention of CSR activities. During the year 33 school libraries were opened taking the overall number of libraries opened under the project to 153 under "Seylan Pehesara" Project. Further Seylan bank initiated Environmental and Social Management System (ESMS) as means of prudently devising the loan book growth, mitigating credit, legal and reputational risks if any that are inherent with environmental and social impact that may arise from advances granted to Corporate and SME clients.

The branch network continued to be the key contributor to the bottom line. In 2017, the Bank network comprised of 166 Banking Centers and 205 ATMs. Bank will continue to grow the Branch network to reach a larger spectrum of customers and widen it's geographical presence in order to have a competitive advantage.

The Bank remains well capitalised with a strong common equity tier 1 ratio of 11.16%, total tier 1 capital ratio 11.16%, and total capital adequacy ratio of 13.25% under Basel III as at 31st December 2017.

In January 2018, Fitch reviewed the Bank's rating and reaffirmed the Bank's rating at 'A-lka' with a 'stable' outlook.

The Bank has embarked on an ambitious growth strategy going towards 2020 for which the foundation was laid in year 2017. Seylan 2020 key strategic priorities are to grow its CASA base, SME and Retail lending portfolios by building a dynamic and efficient customer relationship force along with robust support functions by leveraging on information technology.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Colombo, Sri Lanka -- (ReleaseWire) -- 05/24/2017 -- Seylan Bank made a steady start in 2017 by posting impressive results for Q1 with a Profit after Tax of Rs. 866 Million in the backdrop of uncertain market conditions.

The Bank increased its Net Interest Income and recorded a robust growth of 20.97% in spite of the mounting pressure on the margins due to rising cost of funds. However Net interest Margin contracted from 4.19% in 2016 to 3.92% in 1Q 2017 due to cost of deposits increasing at a faster rate than the re-pricing of loans.

Net fee and commission income witnessed a healthy growth of 24.94% to reach Rs. 869 Million in 1Q 2017 as compared to Rs. 695 Million for the comparative period. This was mainly attributed from core banking related business such as card-related income, trade finance related fee income and fees from guarantees, remittances etc. The Bank will continue to look towards enhancing its fee-based income from products such as debit and credit cards and trade-related products.

Other operating income comprising net gains from trading, gains from financial investments, gains on foreign exchange and other income reported a net gain of Rs. 299 Million compared to loss of Rs. 68 Million in 1Q 2016.

Impairment charges for loans and other losses for the period was a charge of Rs. 346 Million as compared to a charge of Rs. 84 Million in Q1 2016. Individual impairment charges of Rs. 253 Million represent specific provisions made for few credit exposures. The Bank has a stringent recovery process in place to minimise any significant losses that may arise from such loan facilities.

Total expenses recorded an increase of 19.03% from 2,273 Million in the 1Q of the previous year to Rs. 2,705 Million during the period under review. Expenses growth was witnessed by investments made in employees, technology, upgrading and refurbishment of branches etc.

Cost efficiency and productivity has taken a predominant role in the Bank's day-to-day operations. The Bank continues to focus on cost initiatives coupled with implementation of lean concepts and exploring ways of inculcating a culture of working smarter across all the functions by the employees.

The Bank's loans and advances portfolio recorded a marginal growth of 2.76% to 242,531 Million during the 1Q 2017 amidst rising interest rates. The growth in credit was driven primarily by Term Loans, Overdrafts and Credit Cards.

The overall deposit base recorded a marginal growth of 0.24% from Rs.273,456 Million by the corresponding quarter last year to 274,120 Million by 1Q 2017 and a shift from low cost CASA to term deposits was noted which is partly due to increase in interest rates.

As a result the Bank's CASA ratio (Current and Savings) stood at 31.23% and total time deposits increased from 67.48% by end of year 2016 to 68.77% as at 31st March 2017 of the total deposits base. An attractive Avurudu campaign were launched for 'Avurudu Thanpathu' deposits and Tikiri Account holders to grow the existing balances and acquire new customers.

As a result of the noteworthy financial performance during the first quarter, the Bank's Earning per Share (EPS) grew by 20.2% to Rs. 2.51. The Bank recorded a Return on Average Assets (ROAA) of 1.39% and Return on Equity (ROE) of 12.37%. The Bank's Net Asset Value per share as at 31st March 2017 was Rs. 79.74 (Group Rs.83.12).

Seylan Bank remained soundly capitalised, with the key capital adequacy ratios well above the regulatory minimum requirements and recorded 10.39% as the core capital adequacy ratio and 12.63% as the total capital adequacy ratio.

The Bank recognises education as one of the building blocks of the nation and considers it as a priority area for its CSR activities. Under the 'Seylan Pahasara' project the Bank opened 8 libraries during the first quarter which add up to total of 128 libraries in rural areas, especially in under privileged schools with the aim of nurturing young minds and to educate them so that they contribute to the nation's development.

The Bank is currently working on opening libraries in areas such as Beliatta, Gampola, Jaffna, Kalmunai, Nelliady and Trincomalee covering all districts and raising the number to 250 by the year 2019.

The Bank is committed to expanding its branch network in order to provide its customers with the best possible service at all times. The Bank network currently comprises 166 Banking Centres and 203 ATMs. Keeping in line with the strategy of expanding customer touch points to enhance accessibility and convenience, the Bank has projected to open 10 branches during 2017 in key areas in the country.

In October 2016 Fitch reviewed the Bank's rating and reaffirmed the Bank's rating at 'A-lka' with a 'stable 'outlook in January 2017.

The Bank has embarked on an ambitious growth four year strategy (2017-2020). As part of the implementation of the strategy, the Bank will continue to grow through aggressive channel expansion, innovative and personalised product propositions and services to fulfill the diverse clientele, promote cost initiatives by streamlined business processes during the rest of the year.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Colombo, Sri Lanka -- (ReleaseWire) -- 03/10/2017 -- Lauded as Sri Lanka's most digitally engaging bank, Seylan Bank expanded its digital customer support services by introducing the Seylan Messenger Bot – a chat bot that responds to customer queries via Facebook Messenger. The latest addition to the bank's customer service channels helps provide real-time responses to basic banking and finance queries. The number of fans on its facebook page increased to more than 500,000 fans during the year 2016 and launched a novel youth product Seylan Seylfie which offers Digital interest and banking on Facebook recently.

As the fastest-growing social and messaging apps, WhatsApp and Facebook messenger are used commonly by customers and now the bank empowers them to use the chat bot on messenger with nearly 1 billion active users globally to interact and engage with the bank.

"At Seylan Bank, we have constantly worked to augment our customer support services and expand our footprint. This latest addition to our service portfolio is one of the many digital innovations the bank has introduced in the recent past. WhatsApp and Facebook Messenger are two fast-growing messaging applications used frequently by customers. As banking and finance institutions, we need to accommodate new technology and social media that will improve our customer engagement. As a growing number of services shift to the digital sphere, customers seek a bank that also evolves according to their preferences. By branching out to a platform used daily by customers, we enable ease of access and convenience for our customers," commented Mr. Kapila Ariyaratne, Director/CEO.

Apart from the Seylan Messenger Bot, Seylan Bank also previously launched social media-based customer support channels via WhatsApp and Facebook Messenger in order to facilitate seamless interaction and customer support while customers are on the go and through their handheld devices. The bank will complete its 29th anniversary in March and has embarked on a growth drive to expand and develop its services and consolidate its position as one of the leading banks in the country.

"Seylan bank receives over 100 inquiries per day on its digitally assisted customer service channels. The Seylan Messenger Bot will minimize the response lag between queries while also freeing up our customer support personnel to take on more complex queries. Through the Seylan Messenger Bot customers can avail of basic banking information in an instant. For instance, if a customer asks how to open a current account, the Messenger Bot will automatically guide the customer to the relevant page or section. The customer will have the information they need within seconds without the hassle of calling the contact centre or having to search online. Further the world's top 4 messaging apps have over 3.5 billion active users and customer communication behaviour has evolved due to same. Our internal teams along with our collaborative partners are geared to connect, respond and engage in a timely manner through these channels since customers expect instant responses and the Chat bot will provide same 24/7, 365 days" said Mr. Tilan Wijeyesekera, Deputy General Manager, Marketing and Personal Banking, explaining how the Messenger Bot would work.

Globally, very few banks have adopted the use of social networks and Seylan Bank is proud to be one of the few in the world to utilize these channels to deliver exceptional customer service. Pioneering these digital services in the country's banking sector, will strengthen our customer relationships as well as Seylan Bank's brand equity. Seylan Bank occupies a unique positioning as a flexible, customer-friendly choice which upholds its relationship with customers. It's proven relationship-driven service has helped it amass a large loyal customer base of over 1.5 million which has built their utmost faith in the bank. As a customer-centric bank, it has devised a unique innovative product portfolio that meets and exceeds expectations of its customers. As a result, its SME, minor savings, retail, corporate and credit card customer base has been steadily expanding. The bank has ambitious plans of expanding its presence further into new geographically strategic locations around the country and Seylan Bank is proud to be one of the few banks in the world to utilize the power of social media and digital platforms to deliver superior customer support service.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Seylan Bank revolutionizes the banking industry in Sri Lanka by launching a digital bank account for the youth in Sri Lanka called Seylan Seylfie.

Colombo, Sri Lanka -- (ReleaseWire) -- 01/26/2017 -- Yet again revolutionizing the banking industry in Sri Lanka, Seylan Bank has launched a state-of-the-art digital bank account for the youth of Sri Lanka named - Seylan Seylfie. A brand new youth account experience for those between 18-26 years, Seylan Seylfie offers unique benefits for its tech-savvy target group. Seylan Bank has partnered with the country's leading telecom provider Dialog Axiata PLC to offer various digital benefits for this data-loving customer segment.

With Seylan Seylfie, the Bank has pioneered the 'digital interest' concept which is a world first between a bank and a mobile operator , with interest on savings accounts credited directly to Dialog mobiles of youth account holders as a top-up for data, voice etc if the account holder so wishes.. The Seylan Seylfie chip-based debit card offers an array of benefits and discounts while shopping, dining or holidaying. Seylan Seylfie offers free cash grants of upto Rs. 25,000 to account holders on turning 21 and on completion of a graduate degree or professional qualification, which adds immense value to the account holder based on the account balance. Student, educational and other business loans are also available at attractive rates. Further youth could open a special current account with customized cheque book as well, subject to complying with a few conditions. A special credit card is also offered if the youth earn a monthly permanent income of over Rs 15,000 and designed to give youth the flexibility to spend responsibly.

Leveraging on the age group's love for social media, Seylan Seylfie also offers Social Banking via Facebook. Account holders who register for Seylan internet banking can log in to their Facebook profile and use the Seylan Social Banking App with convenient benefits such as Pay-a-Friend, balance inquiries. This feature also allows you to pay mobile and other bills and carry out other convenient banking services.

The Director/CEO of Seylan Bank, Mr. Kapila Ariyaratne commented, "Despite the fast and ever changing nature of customer needs as well as financial product offerings, Seylan Bank has been able to unerringly differentiate its positioning through its commitment to dynamic innovation and customer-centricity and has committed itself to tread a brave new path in digital banking to offer an exceptional online user experience. We are poised to invest further in the digital sphere to launch innovative products catering to the emerging needs of the customers. Seylan Seylfie is the latest product innovation from Seylan Bank that makes banking a fun filled and attractive experience for our young adults. Simultaneously the account will encourage them to save and aspire for a better and more financially secure future and we look forward to continuously interact and improve our offerings to this segment of our clients who are the future of our country."

Mr. Tilan Wijeyesekera- DGM Marketing & Personal banking, "We are extremely pleased to launch Seylan Seylfie as a truly trailblazing product that fuses today's young adults need for convenience through technology and dependence on social media and interactivity, together with the need to invest and save for their future in a manner that fits their fast paced lifestyles. This unique digital and social proposition aims at delivering a true value addition to our customers lives by delivering a seamless experience of banking as well as lifestyle needs. The product was based on the in-depth research carried out amongst our young customers and led us to collaborate with Dialog Axiata known for their cutting edge telecom solutions to launch this truly unique product proposition which we are confident would be a game changer in the youth savings market in Sri Lanka"

About Seylan Bank
Seylan Bank occupies a unique positioning as a flexible, customer-friendly choice which upholds its relationship with customers. Its proven relationship-driven service has helped it amass a large loyal customer base of over 1.5 million which has placed their utmost faith in the bank. As a customer centric bank, it has devised a unique innovative product portfolio that meets and exceeds expectations of its customers. As a result, its SME, minor savings, retail, corporate and credit card customer base has been steadily expanding. Forging ahead after celebrating 28 years of successful operations, the bank has ambitious plans of expanding its presence further into new geographically strategic locations around the country.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Colombo, Sri Lanka -- (ReleaseWire) -- 12/21/2016 -- Seylan Bank continued its growth momentum by recording a Profit after Income of Rs. 2,828 Million, for the 9 months ended 30th September 2016. This is a 3.6% increase over the Rs. 2,730 Million reported for the corresponding period of 2015 and has been achieved despite rising interest rates.

- Total assets up by 13.91% to Rs. 338 Bn
- Net Loan book grows by 15.01% to Rs. 222Bn
- Customer deposits grows by 11.65% to Rs.251Bn
- Profit after tax improves by 3.6% to Rs. 2,828Mn

Interest income grew by 33.7% driven by the sustained credit growth achieved by the Bank. Interest expenses increased at a faster pace of 59.5% during the year, thereby compressing margins.

Despite the drop in Margins, the bank posted a 7.9% growth in Net Interest income from Rs. 8,850 Million to Rs. 9,552 Million for the 9 months ended 30th September 2016 as a result of the strong balance sheet growth.

Net fee and commission income witnessed a 17.8% robust growth from Rs. 1,869 Million to Rs. 2,202 Million during Q-3 2016 driven by fees from card acquisitions, trade finance and related fees.

Other operating income comprising net gains from trading, gains on financial instruments, gains on foreign exchange and other income decreased by 8.78% from Rs. 1,230 Million reported in 2015 to 1,122 Million during Q-3 2016 mainly as a result of mark- to-market losses on Government Securities, due to the upward movement in interest rates in Sri Lanka.

Total Expenses recorded a growth of 9.7% from Rs. 6,515 million to Rs. 7,146 million in nine months ended 2016. Expenses growth was fuelled by high proportion of investments being made in technology, continuous development of human resources and product improvements. Cost management initiatives coupled with the implementation of lean concepts across the bank has aided in rationalising key cost lines.

The Bank reported a significant net credit growth of 15.01%, with net advances growing from Rs. 193,104 Million to Rs. 222,083 Million during Q-3 2016. The NPA ratio increased marginally to 5.12% but is expected to improve by year end with strong remedial measures being implemented.

The Bank's CASA ratio (current & savings accounts) stood at 33.65% amidst the industry-wide shift witnessed towards higher yielding Fixed Deposits in the backdrop of increasing interest rates. Fixed Deposits increased from 61.98% by end of year 2015 to 64.64% Q-3 2016 of the total deposit base. The overall deposit base recorded a growth of 11.65% from Rs. 224,525 Million by end of 2015 to Rs. 250,691 Million in Q-3 2016.

The Bank also continued its CSR initiatives focusing on education and accelerated its libraries project for under privilege schools. During the nine months 24 school libraries were opened taking the overall number of libraries opened under the project to 104. Currently the Bank is also re-equipping the libraries which were opened in 2013 and carrying out improvements to the infrastructure and replenishing books.

The Bank focused its business strategies on improving customer convenience through its branch. As at 30th September 2016, the Bank network comprised 166 Banking Centres, 193 ATMs and 100 Student Saving Centres.

The Bank's core capital and total capital adequacy ratio remained strong at 10.26% and 12.87% respectively as at 30th September 2016, as against the statutory minimum of 5% and 10%.

In July 2016, Fitch affirmed the Bank's rating at 'A-lka' with a 'stable' outlook.

Currently the Bank is in the process of formulating a four year strategic plan which will provide the road map to achieve the bank strategic objectives. The key pillars of this plan are technological transformation through digital solutions, growing its niche market segments and becoming an employer of choice a.o.

As a result of the performance during the nine months, Bank's Earnings Per Share (EPS) grew by 3.6% to Rs. 8.20. The Bank recorded a Return (profit before tax) on Asset (ROA) of 1.74% and Return on Equity (ROE) of 15.37%. The Bank's Net Asset Value per share as at 30th September 2016 was Rs. 76.39 (Group Rs. 79.93).

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Colombo, Sri Lanka -- (ReleaseWire) -- 12/16/2016 -- Seylan Bank has launched a revolutionary new product for youth titled the 'Seylan Seylfie Youth Account' offering a host of benefits to youth all over Sri Lanka. In addition to attractive savings and financial services terms, Seylan Bank has joined hands with Dialog to provide mutual benefits to customers. Seylan Seylfie account holders can now route part of their monthly interest from their account to their Dialog mobile as reloads. Seylan Bank's 'Seylfie Youth' account holders can also avail of special offers and discounts when purchasing Dialog connections and devices. The bank expects to expand the Digital interest to its other customer bases in the future.

About Seylan Bank
Seylan Bank is a leading commercial bank in Sri Lanka which consists of 167 branches and more than 193 ATMs, exclusive of its Student Saving Centers, island wide. The bank has a growing clientele of Small and Medium Enterprises (SME), minor savings, retail, and corporate customers who can avail a range of convenient banking services supported by digital channels such as 365-day banking, live chat support, customer support via Whatsapp, Facebook Messenger, online account opening, debit card with ATM withdrawals up to Rs. 250,000 etc.

Photo caption:
Standing (L-R): Thisara Kasthuriarachchi – Head - Prepaid Mobile Business, Sidath Chandrasena - Senior General Manager - Digital Commerce and Advertising, Asanga Priyadarshana – Head of Business - Mobile Telecommunications, Dr Hans Wijayasuriya - Group Chief Executive, Dialog Axiata PLC, Kapila Ariyaratne - Director /Chief Executive officer, Nimal Tillekeratne – Senior Deputy General Manager – Operations, Chanaka Goonewardene - Deputy General Manager – Information Technology, Tilan Wijeyesekera –Deputy General Manager – Marketing and Personal Banking, Dinesh Jebamani – Chief Manager Liability Products and New Age Media, Seylan Bank

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Seylan Bank partners with UAE’s National Bank of Ras Al Khaimah (RAKBANK). The partnership will support the general expansion of the Foreign Currency Banking Unit through various geographies.

Colombo, Sri Lanka -- (ReleaseWire) -- 11/29/2016 -- Seylan Bank has successfully raised funds in the Middle East by the strength of its banking operations and impressive track record to establish a 15 Million, 5 year US dollar facility from the National Bank of Ras Al Khaimah (RAKBANK) of the United Arab Emirates (UAE). Alpen Capital (ME) Limited, an investment banking advisory firm, also based in the UAE acted as the sole financial advisor to the transaction.

Seylan Bank will utilize the funds for general business development and portfolio growth in its Foreign Currency Banking Unit (FBCU).

The USD 15 million 5 year loan facilities was signed in Dubai, UAE on 27th November, 2016 in the presence of Mr. Kapila Ariyaratne (Director/CEO – Seylan Bank), Mr. Ramesh Jayasekara (Chief Risk Officer- Seylan Bank PLC), Peter England (CEO – RAKBANK), Mr. Rohit Walia (Executive Chairman – Alpen Capital_) and other senior management members from all parties involved.

Peter England, RAKBANK CEO, said: "We are pleased to have partnered with Seylan Bank to support their general expansion plan of the Foreign Currency Banking Unit. This long term financing allows us to diversify our asset book into various geographies while introducing Seylan Bank to the region."

Commenting on the signing, Kapila Ariyaratne, Chief Executive Officer of Seylan Bank said: "We are extremely pleased to sign up on this partnership as the Bank's first long term financial agreement with the Middle East market, which reflects strong in investor confidence in Seylan Bank's operations and future growth potential."

About Seylan Bank
Seylan Bank is one of the leading commercial banks in Sri Lanka which consists of 167 branches and more than 193 ATMs, exclusive of its Student Saving Centers, island wide. The bank has a growing clientele of Small and Medium Enterprises (SME), minor savings, retail, and corporate customers who can avail a range of convenient banking services supported by digital channels such as 365-day banking, live chat support, customer support via Whatsapp, Facebook Messenger, online account opening, debit card with ATM withdrawals up to Rs. 250,000 etc.

About RAKBANK
RAKBANK, also known as the National Bank of Ras Al Khaimah, is one of the UAE's oldest and most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of retail banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKBANK AMAL, throughout its 35 branches and its Telephone, Online, and Mobile Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX).

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Seylan Bank introduced factoring as one of its services in its comprehensive suite of financial services. Read more to find out how this adds to the product portfolio with traditional overdrafts and loans.

Colombo, Sri Lanka -- (ReleaseWire) -- 11/29/2016 -- Dedicated to offering a comprehensive suite of financial services to its customers, Seylan Bank has newly added Factoring to its portfolio of products and services offering a wider choice of working capital financing options in addition to the traditional overdrafts and loans. This service is available for any type of business ranging from SMEs, corporate as well as start-ups, and could be obtained speedily with the least amount of hassle, the major benefits been the ability to generate Cash flow without debt, by trading the trade debtors with the bank at a discount, and also managing collection costs by allowing the bank to use its expertise in assisting collections on behalf of the customer at a nominal fee.

Mr. Delvin Pereira - Deputy General Manager – Consumer Finance, Seylan Bank, further explained, "Seylan Bank is proud to introduce Factoring services to our clientele as another platform to avail services from us.. At Seylan Bank, our staff is geared to offer the best service, where funds can be provided to customers at their time of need without the hassle of the customer having to provide additional collateral. This is a huge benefit especially to startup businesses with good products and services, and quality debtors but lacking in capital to grow the business. Although contemporarily factoring has been considered a facility for start-ups and small businesses, today it is widely used by even large corporates due to the fact that it is not considered as a borrowing, but a mere conversion of debtors to cash making the balance sheet look clean, where any liability accruing to the bank would be of a contingent nature. Further it could focus on other important aspects of business growth without having to worry about collections, allowing the bank to handle this burden.

Factoring differs from traditional lending; where in factoring quality of receivables a key to set up a facility and the primary cash flow for settlement is the book debts and receivables. It could be set-up in various forms where the client could use the services of the Bank to collect his debts assigned to the Bank who discounts the Debts, or arrange to collect the debts individually or jointly with the bank in whatever manner that is convenient to the customer. Seylan Bank, a frontrunner in providing convenient customer focused products, is committed to facilitate customer convenience and peace of mind.

About Seylan Bank
Seylan Bank, one of the leading banks in the country is a pioneer in providing innovative financial solutions. Seylan Bank's network consists of 166 branches and over 193 ATMs island wide. The bank has a growing clientele of SME, minor savings, retail, corporate and credit card categories. Seylan also has a significant amount of ardent followers in its social media platform and has been recognized for its social media performance in the global arena.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Seylan Bank Sri Lanka make an impressive 24.44% growth, with profit before tax exceeding Rs. 5.7 billion.

Colombo, Sri Lanka -- (ReleaseWire) -- 02/29/2016 -- Seylan Bank reported a 24.25% increase in Profit before tax to reach Rs. 5,777 Million for the year ended 31st December 2015. The Bank reported a record Profit after Tax figure of Rs 3,831 Million for the year ended 31st December 2015. This is an impressive 24.44% growth in PAT compared to the Rs 3,079 Million reported in 2014.

- Profit before tax improves by 24.25% to Rs. 5.77bn
- Net Loan book grows by 24.61% to Rs. 193.1bn
- Deposits up by 20.76 to Rs. 224.5bn
- Profit after tax improves by 24.44% to Rs. 3.8bn

Net Interest income increased from Rs 11,165 Million to Rs 11,825 Million, a 5.9% increase for the 12 months ended 31st December 2015. Net fee and Commission income increased 19.5% from Rs 2,257 Million to Rs 2,697 Million showing a consolidation of the solid growth achieved by Seylan Bank over the past few years.

Other operating income comprising net gains from trading, gains on financial instruments, gains on foreign exchange and other income decreased by 42.2% from Rs 2,809 Million in 2014 to Rs 1,624 Million in 2015, mainly due to lesser contributions from Capital Gains on Government Securities, due to the upward movement in interest rates.

During the year under review the Bank also focused considerably on cost containment. This was evident by the containment of growth in expenses of 6.36% from 8,109 million in 2014 to Rs.8,625 million in 2015.

The slow credit growth evident in the first half of the year, was reversed in the latter half with growth momentum picking up in the third and fourth quarters of 2015 and the bank reported a net credit growth of 24.61%, with net advances growing from Rs 154,963 Million in 2014 to Rs 193,104 Million in 2015.

During 2015, the Bank grew its deposit base by 20.76% from Rs 185,924 Million to Rs 224,525 Million. The Bank's low cost deposit base comprising current & savings account (CASA) stood at 36% of the total deposit base as at end December 2015.

The Bank was able to improve its asset quality with a significant reduction in its Gross NPA (net of IIS) from 7.69% in December 2014 to 4.68% as at end December 2015, a singular feet by itself. The Bank has consistently been able to improve its asset quality since 2009 through focused, sustained and effective recovery efforts.

The Bank also continued its CSR initiatives focusing on education and accelerated its 100 libraries project for under privilege schools. 29 more school libraries were opened by the Bank during 2015 taking the overall number of libraries opened under the project to 80.

The Branch refurbishment and relocation too continued in full stream during 2015, with a view to enhance the customer's service experience. 85% of the branch network has been refurbishment over the last 4 years. The Bank opened 2 new branches in Pilimathalawa & Peradeniya during the year. As at 31st December 2015, the Bank network comprised of 159 Branches, 182 ATMs and 95 Student Saving Centres.

The Bank's total Capital Adequacy ratio stands at 12.87%, of which the Tier – 1 ratio stands at 12.24% at the end of 2015, both well above the regulatory requirements. In July 2015, Fitch affirmed the Bank's rating at 'A-lka' with a 'stable' outlook.

As a result of the impressive performance, Earnings per share was at Rs 11.11 for 2015, while Return (profit before tax) on Assets and Return on Equity stood at to 2.16% and 15.62% respectively. The Bank's Net Asset Value per share as at 31st December 2015 was Rs 72.63 (Group Rs 76.21).

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Seylan Bank offers its credit card holders an exclusive shopping tour in Colombo & provides 50% cash back on their total spend.

Colombo, Western -- (ReleaseWire) -- 02/19/2016 -- Seylan Credit cards kick started the New Year by offering extraordinary rewards to its cardholders selected through a consumer promotion and their frequent usage of Seylan Credit Card. 'The bank with a heart', took the initiative in offering its cardholders a seamless shopping tour to Colombo's leading outlets while providing 50% cash back on their total spend on the tour.

The Seylan Shopping Tour, which was an extension of Seylan Credit Card's wide range of seasonal offers across an unparalleled range of categories, witnessed twenty Seylan Credit cardholders who were selected on pre-defined criteria to bring along their partners to enjoy a unique shopping experience to their favourite shopping outlets. The participants were treated to a complete luxury shopping experience and indulged in a whole load of exciting experiences which included in-coach entertainment, personal attendants, stylists, fashion consultations and giveaways with Danu Innasithamby as the engaging celebrity host. The credit cardholders were escorted to popular shopping outlets such as Cool Planet, House of Fashion, DSI Premier, Raja Jewellers, Singhagiri and were treated to a royal lunch at Maharaja Palace.

In addition, Seylan Bank also became the first bank to launch a promotion on the 1st of January to its cardholders offering Rs. 10,000 worth of cash back for purchases made on New Year's Day. Whilst receiving an overwhelming response from the banks clientele, 20 winners were selected from the innovative cash back promotion. The winners of this unique promotion were W.A.R. Kumara, T.M. Hajireen, M.S.M. Hilmy, W.M.C.W.K. Bowatte, M. Razik, P.K.D.W. Sampath, Damith Silva, H.M.M. Jesmi, M. Seneviratne, K.W.M.S. Buddhika, M.F. Rameesa, G.L.N. Weththasinghe, P.A.J. Jayawardena, M.K. Weerasinghe, H.W.W.D. Edirisinghe, W. Lujith Silva, K. Pirapakaran, S. Maheswaran, W.A.T. Fernando and R.M.S. Rajapakshe.

Mr. Tissa Nanayakkara, Senior Deputy General Manager – Retail Banking commenting on the above promotion said, "The bank's renewed focus on credit cards in Sri Lanka have attracted a wider customer base and the bank has expanded its network through partnerships with many leading merchants, island wide. Usually customers are inundated with various offers and promotions during the holiday season. To stand out from the rest and to engage with our customers, last season, Seylan Credit Cards provided an exciting shopping tour rather than a one-off shopping experience. This enabled the credit cardholders to get all their shopping done in one day ensuring a stress-free experience. Seylan Bank also made history in Sri Lanka's credit card sector by launching its first credit card promotion on the 1st of January, which has not been the norm in the sector during the past."

Seylan Credit card has a range of exciting promotions planned for its cardholders for 2016 and is looking forward to tie up with leading merchants of the country.

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Colombo, Western -- (ReleaseWire) -- 02/19/2016 -- Seylan Bank, a frontrunner in providing convenient customer focused products, has launched a fast-track programme for their personal loans due to the increased popularity and overwhelming response from the recipients. The product has attracted many segments in the market and the bank is all set to cater to a much larger audience in the market. The loan can be obtained for multiple purposes such as education, purchase of a vehicle, marriage expense, travel, medical expense, working capital etc. The bank offers a hassle free, convenient application process where applicants can obtain their loans within 48 hours provided they have all the required documents.

Post-war lifestyles in Sri Lanka have evolved tremendously with the entry of foreign products, services and new brands providing a wider range of choices to consumers. With improved lifestyles, personal loans come in handy to meet lifestyle demands and achieve your dreams. Seylan Bank is ready to help you meet your financial needs by providing a personal loan designed to suit your individual needs and repayment capacity while you enjoy their excellent service.

Mr. Tilan Wijeyesekera, DGM Marketing and Personal banking, Seylan Bank said, "We are delighted to offer personal loans to our valued customers to fulfill their innumerable needs in life. The main distinction of Seylan Personal loan scheme is that it can be applied till the age of 60. This feature has attracted the government sector employees who retire at the age of 60. The bank has built close relationships with state sector employees due to this appealing feature. In addition, Seylan provides fixed interest rates for the entire tenure of the loan, which makes life easy for our customers as they can plan ahead. With Seylan personal loan you do not have to wait for someday to fulfill your dream, rather you can start today."

To be eligible for a loan, an applicant should be a permanent employee who has completed 12 months in current employment with a minimum monthly fixed income of Rs. 50,000 or above. The applicant should be between 20 - 60 years with a clear CRIB report. The scheme does not require any guarantors. The loan amounts under this scheme can extend up to 5 million with repayment spread over two to four years. The amounts obtained are determined by the actual requirement and the applicant's monthly income. Personal loans can be applied through any of the Seylan bank branches located island wide.

For details please visit http://www.seylan.lk or call 2456 994 / 2456 912.

About Seylan Bank
Seylan Bank, one of the leading banks in the country is a pioneer in providing innovative financial solutions. Seylan Bank's network consists of 159 branches and over 180 ATMs, exclusive of its student saving centers, island wide. The bank has a growing clientele of SME, minor savings, retail, corporate and credit card categories. Seylan also has a significant amount of ardent followers in its social media platform and has been recognized for its social media performance in the global arena.

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Mr. Kapila Ariyaratne, Director/Chief Executive Officer of Seylan Bank talks about the future of the banking industry in Sri Lanka, and his plans to continue to innovate and grow for year 2016.

Colombo, Sri Lanka -- (ReleaseWire) -- 12/22/2015 -- Seylan Bank, 'the bank with a heart', identified as one of the six systemically important banks in Sri Lanka by the Central Bank of Sri Lanka believes their best brand ambassadors are their customers. Perceived as a friendly and caring bank, Seylan saw further expansion as a whole in 2015. The branch network grew up to 159 branches and the ATM network more than 180, exclusive of its student saving centers, island wide. The bank's SME, minor savings, retail, corporate and credit card clientele had grown significantly during this year. The bank has fared very well due to the collective efforts of its employees who have stepped up to ensure enhanced performance, across all aspects of banking.

The renewed focus on the credit card segment during the past couple of years and new initiatives have helped Seylan stay on par with others in the market. Seylan Travel cards, the pioneer in Sri Lankan travel banking, provides the opportunity to carry five different currencies in one card for the customer's foreign currency usage. Another pioneer product of the bank, Seylan Tikiri has seen tremendous growth and was recognized by SLIM under 'Turn around brand of the year' category in 2014 after being re-launched in June 2013. The branches have weekend activations such as Tikiri Pola providing fun and basic knowledge of commerce and banking to its young customers. The bank maintains continuous customer engagement and keeps on evolving the Tikiri product, based on customer feedback, lifestyle changes of kids, etc.

Mr. Kapila Ariyaratne, Director/Chief Executive Officer of Seylan Bank commenting on the bank's future plans and challenges said, "We are very positive about the future and have aggressive growth strategies planned. We will continue to innovate, and 2016 will see a range of innovative products from Seylan which will further enhance the bank's image and create value to its present and future customers. The main challenge is to adapt to the changes in the way customers do banking and to keep up with that. The technological changes require quite a lot of investment but it is essential in order to stay relevant to the market. Plans are ahead to launch new channels and services that will further enhance and strengthen the image of the institution."

Seylan believes that expatriate Sri Lankan workers should be looked after in a special way and has expanded their global remittances network during this year. The systems have been improved and constant interactions with the exchange houses, have made processes easier for customers and staff. The bank has spread out to mature markets such as France and Germany, Dubai, Malaysia and Saudi Arabia through Tempo, Cash Express, CIMB and Al Jaseera respectively for the benefit of the customers in Sri Lanka and overseas.

Seylan leasing, another key product in the bank's portfolio, has grown remarkably with relative to the Sri Lankan vehicle market. Even though the new national budget will have adverse effect on the leasing sector, the bank is ready to face the situation and figure an alternate solution as leasing is important for the bank's corporate and retail customers.

According to Mr. Ariyaratne, Seylan bank has always been in the forefront when it comes to innovation both in its products and processes believe that digital is the way forward and has taken action to deliver new ways of banking, relevant to the new generation. "The bank is very active on its social and digital media with high engagement of youth. Due to this, Seylan has been recognized as the 'Most socially engaging bank' throughout the year and have won several awards for innovation in terms of social and digital media solutions, globally." Mr. Ariyaratne mentioned. Understanding the needs of their valuable customers, Seylan has continuously provided with innovative value additions to their products such as Seylan Tikiri's timely gifts, Seylan Travellers card etc. Seylan has also innovated in the way they work to have a quick turnaround time and efficient service to both customers and staff.

The future of Seylan Bank seems promising and the management and staff of the bank are confident that the strategies planned will take the bank to the next level. The discerning Sri Lankan customer can look forward to more innovative financial offerings from Seylan Bank in 2016.

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Colombo, Sri Lanka -- (ReleaseWire) -- 11/05/2015 -- Seylan Bank recorded an impressive performance with Profit before Income Tax reaching Rs 4,062 Million for the 9 months ended 30th September 2015. Profits after Tax reached a record Rs 2,730 Million a 21% increase compared to the Rs 2,253 Million reported in the corresponding 9 month period.

The quarterly PAT figure (Q-3 2015) was reported at Rs. 989 Million, compared to the Rs 1,041 Million reported in corresponding 3 months of last year.

Net Interest income increased from Rs 8.22 Billion to Rs 8.85 Billion a 8% increase for the 9 months ended 30th September 2015. Net fee and commission income increased by 13% from Rs 1,648 Million to Rs 1,869 Million with the bank showing a continuation of the solid growth trend recorded in the past few years.

During 2015, the Bank grew its deposit base from Rs 185.9 Billion to Rs 199.5 Billion. A significant amount of this growth was achieved through the mobilisation of current and savings deposits, which enabled the Bank's low cost deposit base to be increased from 38% in December 2014 to almost 40% as at end September 2015. The Bank's Net Advance portfolio too increased from Rs 155 Billion to Rs 172 Billion reporting a 11% growth during the 9 months under review.

The Bank was also able to improve its asset quality through effective recovery and rehabilitating efforts. This enabled the Bank to reduce its Gross NPA (net of IIS) from 7.69% in December 2014 to 6.12% as at end September 2015. The Bank has consistently been able to improve its asset quality since 2009 through focused, sustained and effective recovery efforts.

The Bank based on their 4 – year Strategic Plan (2012 – 2016) have focused significantly on areas which include Advance/Deposit growth, Branch Expansion, Customer Service improvement, Staff Development, NPA reduction, Cost Control, New Product Development, IT Infrastructure, Shareholder value, etc. The Strategic Plan also earmarks the opening of 100 libraries in under privilege schools. 72 such school libraries have been opened by the Bank, since 2013.

The Branch relocation and refurbishment project too continued in full steam during 3Q 2015, with a view to enhance the customers' service experience. The Bank opened 2 new branches, fully refurbished another 12 branches and relocated a further 2 branches to more customer friendly locations. As of end September 2015, over 85% of the branch network has been refurbished since 2010.

As at 30th September 2015, the Bank network comprised of 159 Branches, 181 ATMs and 93 Student Savings Centres.

The Bank's total Capital Adequacy ratio stands at 13.13% at the end of Q-3 2015, well above the regulatory requirements. In July 2015, Fitch affirmed the Bank rating at 'A –lka' with a stable outlook.

As a result of the impressive performance, Earnings per share was at Rs 7.91 for Q-3 2015, while Return (profit before tax) on Assets and Return on Equity stood at to 2.08% and 15.03% respectively. The Bank's Net Asset Value per share as at 30th September 2015 was Rs 72.31 (Group Rs 75.76).

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