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April 25, 2023: Caring bank Seylan Bank has announced that it has successfully raised Rs 500 crore through its bond issue, which was oversubscribed on the opening day, reflecting investor confidence.

The issue offered fifty crore (50,000,000) Basel III compliant, secondary, listed, rated, unsecured, subordinated, callable, five-year bonds of Rs. 100 each, non-viable convertible, at Initial phase mobilized Rs 5 billion. By the end of 2023, the World Bank plans to raise up to Rs 12 billion in its first tranche.

Kapila Ariyaratne, Director and Chief Executive Officer, Seylan Bank said, “We are delighted to announce that Seylan Bank’s bond issue has received an overwhelming response from investors, with the bond being oversubscribed on the opening day.” He added: “The Bank aims to Through our diversified lending portfolio, capital raised will be used to support the small and medium enterprise (SME) sector and export-oriented industries, and to strengthen our regulatory capital requirements.”

The success of the bond issue also demonstrates Seylan Bank’s resilience in forging ahead, overcoming challenges and delivering strong growth. For the year ended December 31, 2022, the bank reported a strong profit before tax (PBT) of Rs 6.6 billion, up 10%, while profit after tax (PAT) of Rs 4.7 billion.

During the year under review, net interest income (NII) surged by 72%, further boosting the bank’s overall stable performance. Interest income and interest expense grew strongly by 84% and 96%, respectively. The bank’s total assets also rose by 11% to Rs 6,730 crore and its deposit base grew by 12% to Rs 5,470 crore.

The bonds are rated BBB (lka) by Fitch Ratings Lanka Limited, while the bank’s country long-term rating is also under Fitch Rating Watch Negative at A- (lka)’. Capital Alliance Partners Limited is the administrator of the offering and SSP Corporate Services (Pvt) Ltd is the registrar.

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