JKSB Quarterly Highlights_Seylan Bank PLC_1QCY16
​During the quarter, SEYB's loan book expanded from Rs.193.1 bn to 201.3 bn (+Rs.8.2 bn) which translates to a growth of 4.3% QoQ (+29.7% YoY). Despite the strong loan book growth, SEYB's net interest income (NII) experienced a modest increase of 4.8% YoY due to the steep reduction seen in the net interest margin (NIM) from 4.49% in 1Q CY15 to 3.85% in 1Q CY16.
Non-interest income was severely affected by a net trading loss of Rs.516.9 mn which was a result of the marked-to-market losses in SEYB's bond portfolio caused by the adverse interest rate movements during the quarter. Although the strong growth of 23.6% YoY (+Rs.132.3 mn) in net fee & commission income and 33.0% YoY (+Rs.70.7 mn) in net exchange income partially offset the negative impact of the net trading loss, SEYB's non-interest income for the quarter declined by 37.1% YoY (-52.6% QoQ). As a result, the proportion of non-interest income in total operating income declined from 24.9% in 1Q CY15 to 16.6% in in 1Q CY16.
•JKSB is one of 15 founding members of the Colombo Stock Exchange with roots in share trading dating back to 1896, and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange with a market capitalization of US$ 1.3bn.
•JKSB’s core client base is Foreign Institutional Investors, Local Institutions and HNWI’s
•JKSB has a co-branded Research tie up with CIMB and a Research Referral agreement with Credit Suisse, along with trade execution relationships with several other global and regional securities firms.
•JKSB’s trade execution partners include Credit Suisse, CIMB, Merrill Lynch, Exotix, Daiwa, Convergex, Deutsche Asia Securities and Morgan Stanley
•JKSB is a research contributor to Bloomberg on ‘KEEL’
•The JKSB Research Universe covers 72 stocks across 15 sectors, with most Research efforts focused on approximately 45 of the more liquid counters.
•The JKSB Universe constitutes 67% of total market cap and approximately 80% of turnover at the CSE.
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