Sri Lanka’s Central Finance net up 19-pct

ECONMYNEXT – Profits at Sri Lanka’s Central Finance Plc, a non-bank lender rose 18.9 percent from a year earlier to 1.17 billion rupees in the December 2016 quarter helped by lower loan loss provisions, interim accounts showed.

The group reported earnings of 10.95 rupees per share. In the nine months to December it reported earnings of 30.79 rupees per share on total profits of 3.2 billion rupees which grew 17 percent.

In the December quarter interest income grew 4.3 percent to 3.2 billion rupees, interest expenses fell 5.4 percent to 952 million rupees and net interest income rose 9 percent to 2.2 billion rupees.

Loan loss provisions fell 61 percent to 219 million rupees from a year earlier.

Leases and hire purchases grew from 50.1 billion to 56.2 billion rupees over the past nine months.

Group gross assets grew from 71 billion rupees to 77 billion and net assets to 27.5 billion rupees from 25.1 billion.

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