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Sri Lanka Seylan Bank March 2016 net almost flat

ECONOMYNEXT – Sri Lanka’s Seylan Bank group March 2016 net profit was virtually flat at 674 million rupees, up just 1.5 percent from a year ago, a stock exchange filing said.

Earnings per share for the quarter were 1.95 rupees against 1.92 rupees the year before.

Net interest income rose almost five percent to 2.9 billion rupees in the quarter with interest income up 25 percent to 6.9 billion rupees while interest expenses rose 45 percent to 04 billion rupees.

Fee income rose 24 percent to 694 million rupees but the bank suffered a loss of 517 million rupees in trading compared with a profit of 15 million the year before, the accounts showed.

This was mainly “as a result of mark- to-market losses on government securities, due to the upward movement in interest rates,” a statement said.

In its other comprehensive income statement Seylan Bank reported a 2.4 billion rupee net loss on remeasuring of AFS (available-for-sale) financial assets.

At bank level, deposits were up just 0.4 percent to 225 billion rupees as at 31 March 2016, compared with the previous quarter.

Loans grew 4.3 percent to 201 billion rupees in the March 2016 quarter.
(Colombo/April 28 2016)

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