Sri Lanka Union Bank Sept net up 51-pct

ECONOMYNEXT – Union Bank of Colombo’s group net profit for the September 2015 quarter shot up 51 percent to 77 million rupees from a year ago, with higher interest income and sharp gains from trading and fees and commissions.

Net interest income rose 23 percent to 604 million rupees with interest income up 18 percent to 1.3 billion rupees while interest expenses rose at a slower 14 percent to 685 million rupees.
The Sri Lankan bank’s interim accounts filed with the stock exchange showed that net fee and commission income rose 63 percent to 111 million rupees and net gain from trading shot up 152 percent to 69 million rupees.

Basic earnings per share for the quarter fell to seven cents from 15 cents a year ago.
In the nine months to September 2015 EPS was down to 13 cents from 22 cents the year before.

The bank’s interest margin fell to 3.60 percent from 4.20 percent.

Total assets at bank level as at September 2015 rose 33 percent to 65 billion rupees with the loan book growing 47 percent to 38 billion rupees. Deposits grew 43 percent to 41 billion rupees.
A segmental analysis of group results for the nine months ended 30 September showed the bank’s biggest gains came from the corporate business whose profit shot up to 44 million rupees from eight million rupees.

The SME business turned a loss of 22 million rupees the previous year to a profit of 28 million rupees this year while profits from the bank’s treasury operations fell to 36 million rupees from 93 million rupees. (Colombo/October 26 2015)

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