Sri Lanka’s Cargills Bank reduces loss in June quarter
ECONOMYNEXT – Sri Lanka’s Cargills Bank, part of CT Holdings Group, said it reduced its loss in the June 2016 quarter by 58 percent to Rs38 million from Rs89 million a year ago.
At bank level, interest income rose 177 percent to Rs322 million, while interest expenses rose 167 percent to Rs129 million, with net interest income up 184 percent to Rs193 million, according to interim results filed with the stock exchange.
Net fee and commission income rose 188 percent to Rs19 million, while impairment provisions were lower.
Loans stood at Rs10 billion as at 30 June 2017, while deposits were Rs6.9 billion.
CT Holdings Group has said that during the period under review, the group increased its stake in Cargills Bank by an investment of Rs3.2 billion.
“After several initial setbacks and issues, this unit is now moving into a settled operational mode,” it said.
“Although progress has been slow due to setbacks stemming from initial challenges, we are confident that the structure and resources put in place are well set to produce sustained growth and long-term value.”
(COLOMBO, August 30 2016)