Sri Lanka DFCC March 2018 net down 15-pct

ECONOMYNEXT – Profits at Sri Lanka’s DFCC Bank fell 15 percent from a year earlier to 1.07 billion rupees in the March 2018 quarter, on increased provisioning for bad loans, interim accounts showed.

The bank reported earnings of 4.05 rupees per share in the quarter. The stock closed at 117 rupees last Friday.

Interest income grew 26 percent to 9.1 billion rupees, interest expenses grew at a slower 24 percent to 5.8 billion rupees resulting in net interest income growing 29 percent to 3.3 billion rupees.

The bank made 567.6 million rupees in loan loss provisions in the quarter, up 229 percent from a year earlier.

"The bank’s NPL ratio increased to 3.12 percent as at March 2018 from 2.77 percent recorded in December 2017 as a result of adverse environmental conditions in the operating environment. The industry NPL ratio also recorded an upward trend," DFCC Bank told shareholders.

Net fee and commission income grew 27 percent to 434.4 million rupees.

DFCC Bank’s deposit base grew 4 percent from the previous quarter to 200.5 billion rupees, and its loan book expanded at the same rate to 222.6 billion rupees. (COLOMBO, 01 May 2018)

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