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Sri Lanka People’s Leasing Sept quarter net up 14-pct

ECONOMYNEXT – Lower interest costs helped People’s Leasing & Finance Plc, Sri Lanka’s largest non-bank lender, to increase September 2015 quarter net profit by 13.7 percent to 1.2 billion rupees from a year ago.

Earnings per share for the quarter were 78 cents compared with 69 cents the previous year, People’s Leasing & Finance, a unit of People’s Bank, said in a stock exchange filing.

Interest income fell 8.6 percent to 4.6 billion rupees in the quarter ended 30th September 2015 while interest expenses fell at a faster 23 percent to 1.9 billion rupees resulting in net interest income growing by 5.8 percent to 2.7 billion rupees.

Net earned premiums rose 11.6 percent to 817 million rupees while net fee and commission income fell along with trading income.

Impairment charges for loans fell 67 percent to 87 million rupees.   (Colombo/October 21 2015)

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