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Sri Lanka LB Finance March net up 93-pct

ECONOMYNEXT – Sri Lanka’s LB Finance said March 2016 quarter net profit rose 93 percent to Rs1.2 billion from a year ago.
Net interest income rose 8 percent to Rs2.3 billion, with interest income up 11 percent to Rs3.9 billion, while interest expenses fell 15 percent to Rs1.6 billion, a stock exchange statement said.

Fee and commission income rose 19 percent to Rs299 million.

Accounts showed a reversal for loans and other losses of Rs7 million compared with an impairment charge of Rs477 million the year before.

Gold loan auction losses fell 64 percent to Rs3.8 million.

Earnings per share for the quarter were Rs8.76 against Rs4.54 the year before.

In the year ending 31 March 2016, EPS rose to Rs26.84 from Rs15.75 the year before, with net profit up 70 percent to Rs3.7 billion.

Lease rentals receivable and stock out on hire as at 31 March 2016 rose 34 percent to Rs45.1 billion from Rs33.7 billion the year before, while the loan book grew to Rs26.4 billion from Rs22.3 billion.

Deposits rose 17.6 percent to Rs53.4 billion from Rs45.4 billion.
(Colombo/May 09 2016)

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