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Sri Lanka DFCC Bank group net down 44-pct in June

ECONMYNEXT – Profits at Sri Lanka’s DFCC Bank group slumped 44 percent to 637 million US dollars in the June 2015 quarter from a year earlier, when the bottom line benefitted from a change in provisioning policy.

DFCC group reported earnings of 2.35 rupees per share for the quarter.

Fee income grew 11.5 percent to 266 million rupees.

DFCC said interest income fell 6 percent to 4.0 billion rupees, interest expense fell at a faster 13 percent to 2.2 billion rupees and net interest income grew just 3.6 percent to 1.7 billion rupees.

DFCC grew its loan book from 4.3 percent to 141 billion rupees.

The bank provided 121 million rupees for specific loan losses up from 41 million rupees and also 51 million rupees as a general provision. Last year there were general provision reversals of 383 million rupees following a change in policy.

Financial investments available for sale was kept flat at 45 billion rupees, and investments held to maturity grew to 11.8 billion rupees from 10.9 billion rupees.

Other comprehensive income was a negative 669 million rupees, with marked to market losses in available for sale assets of 647 million rupees.

Total equity fell to 46 billion rupees from 48.2 billion rupees. Gross assets grew to 173 billion rupees in June from 162 billion in March. (Colombo/Aug13/2015)

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