Sri Lanka Cargills Bank December quarter net profit Rs44mn

COLOMBO (EconomyNext) – Cargills Bank made a net profit of 44 million rupees in the December 2014 quarter while its annual losses widened, according to published interim results.

The bank, whose largest shareholders are Cargills (Ceylon) and CT Holdings, reported earnings per share of 10 cents in the quarter, with net profit the previous year being four million rupees.

Net interest income fell 40 percent to 90 million rupees in the quarter in which net fees and commission income were nine million rupees.

In the financial year ending 31 December 2014, Cargills Bank’s net loss rose to 115 million rupees from 89 million rupees the year before.

Net interest income was down 12 percent to 346 million rupees in the year. Deposits as at 31 December 2014 were 1.9 billion rupees while net loans were just over three billion rupees.

The accounts showed Cargills Bank increased its stake in Capital Alliance Finance PLC to 76.5 percent in February 2015 through the mandatory offer and further buying, having acquired a controlling stake of 73.40 percent on 5 August 2014 at prices ranging between 15.40 – 15.50 rupees per share.

The bank, set up with the aim of combining the services of banks and supermarkets, has other big funds and firms as shareholders.

These include Employees Provident Fund, MAS Capital (Pvt) Ltd., Phoenix Ventures Ltd., AIA Holdings Lanka (Pvt) Ltd., Softlogic Holdings PLC, Asian Alliance Insurance PLC, MJF Foundation Investments (Pvt) Ltd., Melwa Group, Rosewood (Pvt) Ltd. and Lalan Rubber Holdings (Pvt) Ltd.

 

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