Sri Lanka’s Cargills Bank makes Rs28mn net profit in Sept quarter

ECONOMYNEXT – Sri Lanka’s Cargills Bank, part of CT Holdings Group, made a group net profit of Rs28 million in the September 2016 quarter compared with a loss of Rs79 million a year ago.

At bank level, interest income rose 288 percent to Rs442 million, while interest expenses rose 174 percent to Rs155 million, with net interest income up 267 percent to Rs287 million, according to results released by the company.

Net fee and commission income rose 48 percent to Rs17 million.

Group earnings per share were 05 cents compared with a loss per share of 18 cents the year before.

For the nine months to September 2016, the firm made a loss per share of 15 cents, down from 54 cents the previous year.

Loans stood at Rs12.3 billion as at 30 September 2016, while deposits were Rs7.3 billion.

During nine months ended 30 September 2016, 400.14 million shares were allocated raising a capital of Rs5.8 billion, the company said.

(Correction: Correcting source as results released by the company.)
(COLOMBO, Nov 18, 2016)

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