Sri Lanka’s Central Finance June quarter profits up 23.4-pct

ECONOMYNEXT – Profits at Sri Lanka’s Central Finance Company, a non-bank lender, grew 23.4 percent from a year earlier to 1.4 billion in the June 2018 quarter helped by higher net interest income, interim results showed.

The company reported earnings of 6.35 rupees a share in the June quarter, interim accounts filed with the Colombo Stock Exchange showed. The share closed 1 rupee higher on Monday at 97 rupees.

Net interest income rose 12.21 percent in the quarter to 2.9 billion rupees, with interest income growing 12.70 percent to 4.3 billion rupees and interest expenses growing at a faster 13.76 percent to 1.4 billion rupees.

Leases and hire purchase loans grew to 63.7 billion rupees from 61.3 billion rupees. Bad loans provisioning increased to 36.96 percent to 312.8 million rupees.

Other operating income grew 36 percent to 245 million rupees.

Income from related companies in healthcare, power generation, manufacturing, insurance broking and real estate, rose 37 percent to 312.2 million rupees.

The finance company’s deposit base increased to 41.4 billion rupees at end June 2018, up 2 percent from three months earlier.

Group gross assets grew to 95.8 billion rupees by end June 2018 from 92.68 billion rupees in March and net assets grew to 29.2 billion rupees from 27.84 billion rupees. (COLOMBO 13 August, 2018)

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