Sri Lanka’s Bank of Ceylon net down 5-pct
ECONOMYNEXT – Profits at Sri Lanka’s state-run Bank of Ceylon, fell 5 percent to 7,502 billion rupees in the December 2017 quarter from a year earlier, amid shrinking margins though the lender also posted 5.2 billion rupees in capital gains.
The bank reported earnings of 630.28 rupees per share for the quarter. In the year to December it reported earnings of 1,900 rupees on total profits of 21.8 billion rupees which were down 7.2 percent.
Bank of Ceylon is not publicly traded but its bonds are listed on the Colombo Stock Exchange.
Interest income in the quarter rose 24.8 percent to 46.75 billion rupees, but interest expenses rose at a faster 49 percent to 31.6 billion rupees, shrinking net interest income 7.6 percent to 15.1 billion rupees.
During the year to December, Bank of Ceylon grew loans 16.5 percent to 1.19 billion rupees, while deposits grew at a faster 23 percent to 1.56 billion rupees.
The bank reversed 904 million rupees in loan loss provisions. In the December 2016 quarter it made 3.7 billion rupees in specific provisions and a 5.3 billion rupee general provision.
Bank of Ceylon’s bond portfolio grew in the held-to-maturity book rose 27.2 percent to 309 billion rupees and the trading portfolio grew 39 percent to 22.6 billion rupees.
There were 5.8 billion rupees in revaluation gains.
Fee and commission income rose 5.8 percent to 2.0 billion rupees. Other operating income fell 72 percent to 1.36 billion rupees.
Total group assets grew 16.5 percent just short of two trillion rupees to 1,999.12 billion rupees.
At standalone bank levels, total assets grew 16.9 percent to 1.951 billion rupees. Net assets grew 20.5 percent to 111.8 billion rupees. (Colombo/Mar01/2018)