Sri Lanka’s Bank of Ceylon December net down 43-percent

COLOMBO (EconomyNext) – Sri Lanka’s Bank of Ceylon said December 2014 quarter net profit fell 43 percent to 3.1 billion rupees from a year ago with a sharp rise in interest income but impairment charges growing heavily as well.

Total income for the quarter of the biggest state-owned lender was stagnant at 36 billion rupees, according to audited results filed with the Colombo stock exchange.

Net interest income rose 21 percent to 14 billion rupees as interest income fell 2.4 percent to 31 billion rupees while interest expenses fell at a bigger 16 percent to 17 billion rupees.

But trading income fell 10 percent to below one billion rupees and impairment charges rose 440 percent to 4.8 billion rupees.

Diluted earnings per share were 576.77 rupees in the December 2014 quarter.

For the 2014 financial year, diluted EPS went up almost 10 percent to 2,679.29 rupees with net profit rising almost 18 percent to 14.4 billion rupees.
Total income for the year was stagnant at 133 billion rupees. Net interest income rose 3.6 percent to 41 billion rupees.

Net fee and commission income went up a sharp 40 percent to 8.3 billion rupees.

The share of profits of associate companies before tax doubled to 462 million rupees during the year.

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