ECONOMYNEXT – People’s Leasing & Finance’s net profit for the September 2016 quarter fell 9.8% to Rs1.1 billion with lower earnings from its leasing and higher purchase business although interest income from loans grew.
Net interest income of the firm, a subsidiary of People’s Bank, fell 2.3% to Rs2.6 billion with interest income up 19.2% to Rs5.45 billion, while interest expenses rose 49.2% to Rs2.85 billion.
Net earned premiums rose 12.2% to Rs917 million and net fee and commission income rose 41.5% to Rs167 million, interim accounts filed with the stock exchange showed.
There was a sharp increase in net trading income to Rs78 million and a 44% increase in personnel expenses to Rs714 million.
People’s Leasing & Finance’s accounts showed value added tax rose 26.2% to Rs178 million.
Earnings per share for the September quarter were 74 cents. For the six months ended 30 September 2016 EPS was Rs1.44.
(COLOMBO, October 26, 2016)