Sri Lanka’s Commercial Bank net up 17-pct in June
ECONOMYNEXT – Sri Lanka’s Commercial Bank of Ceylon said net profits rose 17.8 percent from a year earlier to 3.8 billion rupees in the June 2017 quarter, with incremental growth in fund- and fee-based income.
The group reported earnings of 4.15 rupees per quarter. In the six months to June, the group reported earnings of 8.26 rupees per share on total profits of 7.6 billion rupees, which rose 17 percent. In mid-day trading on Monday, the stock was up 50 cents to 138.00 rupees.
Interest income for the quarter rose 30 percent to 25.5 billion rupees, and interest expenses increased 41 percent to 16.2 billion rupees, and net interest income grew at a slower 15 percent to 9.3 billion rupees.
Loan losses rose 24 percent to 708 million rupees, with a general provision of 648 million rupees. Fee and commission income was up 33 percent to 2.0 billion rupees. Net gains and losses from trading was 482 million rupees against a 1.89 billion rupee loss in the last quarter.
Other income was down to 271 million rupees down from 2.33 billion rupees a year earlier.
In the six months to June, the group loan book grew 8.5 percent to 673 billion rupees. Deposits also grew 8.2 percent to 804 billion rupees.
The gross non-performing loan ratio fell to 2.1 percent from 2.18 percent.
Financial instruments available-for-sale was up 1.5 percent to 162 billion rupees, and the held-to-maturity portfolio grew 4.9 percent to 66.7 billion rupees.
Total assets rose 7.2 percent to 1,095 billion rupees. Equity was up 22 percent to 97.6 billion rupees. Core capital adequacy at bank level rose from 11.5 percent to 12.2 percent and total capital adequacy rose from 15.9 percent to 17.2 percent. (Colombo/Aug14/2017)