Sri Lankaâ€™s Sanasa Bank Sept net profit up 59-pct
ECONOMYNEXT – Sri Lanka’s Sanasa Development Bank said September 2015 quarter net profit rose 59 percent to 166 million rupees from a year ago with bad loans falling and interest margins improving.
Net interest income rose 23 percent to 841 million rupees with interest income up 41 percent to 1.7 billion rupees and interest expenses up 52 percent to 876 million rupees, a stock exchange filing said.
Net fee and commission income fell six percent to 61 million rupees.
Earnings per share for the September 2015 quarter were 4.13 rupees, up from 4.14 rupees the year before.
In the nine months to 30 September, EPS rose to 14.41 rupees from 12.50 rupees the year before.
Loans and receivables increased 35 percent to 43 billion rupees as at 30 September 2015 while liabilities went up 30 percent to 39 billion rupees from the previous year.
Sanasa Development Bank’s interest margin improved to 7.28 percent as at 30 September 2015 from 6.97 percent the year before while the bad loans ratio fell to 2.95 percent from 3.76 percent. (Corrected – correcting net profit and percentage change) (Colombo/October 29 2015)