ECONOMYNEXT – Profits at Sri Lanka’s Peoples’ Leasing and Finance group, the country’s largest non-bank lender which also has an insurance unit grew 10.4 percent to 1.39 billion rupees, amid higher net interest income and lower bad loans, interim account show.
The group reported earnings of 88 cents per share for the quarter. In the six months to September the group reported earnings of 1.29 rupees per share, down 12.2 percent.
At company level interest income grew 5.2 percent to 8.0 billion rupees, interest expenses grew at a slower 2.1 percent to 3.9 billion rupees helping net interest income grow 8.3 percent to 4.1 billion rupees.
Loan losses were down to 294 million rupees from 454 million rupees.
Loans and receivables were down 2.1 percent to 148 billion rupees from March to September. Customer deposits grew 12.9 percent to 99.7 billion rupees.
But taxes on financial services grew 80 percent to 690 million rupees, leaving afer tax profits down 1.4 percent at 1.2 billion rupees. (Colombo/Oct27/2019)