Sri Lanka’s Bank of Ceylon March 2018 quarter net down 20-pct

ECONOMYNEXT – Profits at Sri Lanka’s state-controlled Bank of Ceylon fell 19.6 percent from a year earlier to 4.8 billion rupees in the March 2018 quarter on thinning interest margins and increasing provisions for loan losses, interim accounts showed.

The bank reported group earnings of 1,279.87 rupees a share in the quarter, unaudited interim financial results filed with the Colombo Stock Exchange showed.

Interest income grew 15 percent to 46.9 billion rupees, interest expenses grew at a faster 19.5 percent to 31.8 billion rupees leading to a 6.5 percent growth in net interest income to 15.1 billion rupees.

Net fee and commission income fell 19.6 percent in the quarter to 1.8 billion rupees.

Loan loss provisioning increased 38 percent to 2.4 billion rupees, while operating expenses including personnel costs and depreciation grew 24 percent to 8.7 billion rupees.

The state banking giant reported an 275.4 million rupee gain from forex operations in the March 2018 quarter, down 15.5 percent from a year earlier.

Bank of Ceylon’s deposit base expanded 5 percent from the previous December 2017 quarter to 1.62 trillion in the March 2018 quarter. The bank’s loan book expanded 2 percent to 1.2 trillion rupees. (COLOMBO, 11 May 2018)

Updated to reflect group-level results 

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