Sri Lanka’s Commercial Bank net up 20-pct
Nov 17, 2014 (EconomyNext) – Profits at Sri Lanka’s Commercial Bank of Ceylon rose 20 percent to 3.3 billion rupees in the September 2014 quarter from a year earlier, helped by other income as interest rates fell, interim accounts show.
The group reported earnings of 3.88 rupees per share for the quarter. For the nine months to September earnings were 9.14 rupees per share on total profits of 7.8 billion rupees, which were up 8.3 percent.
Commercial Bank said net interest income fell 4.17 percent to 15.3 billion rupees in the September quarter from a year earlier and interest expenses fell at a faster 6.99 percent to 8.6 billion rupees. Net interest income fell a marginal 0.25 percent to 6.68 billion rupees.
Lost loss provisions fell 23 percent to 965 million rupees from 1.26 billion rupees.
Group loans grew 15 percent to 482 billion rupees in the nine months from December and financial investments available for sale shot up to 189 billion rupees from 123 billion rupees.
At standalone bank level, the gross non-performing loan ratio fell to 3.84 percent from 3.88 percent.
Fees and commission income rose 5.9 percent to 1.29 billion rupees.
Net gains from financial investments rose to 1.3 billion rupees from just 1.5 million rupees, while trading losses rose to 846 million rupees from 26 million rupees.
Deposits grew 11.7 percent to 504 billion rupees.
Gross assets rose 23 percent to 747 billion rupees, with net assets growing 14 percent to 69 billion rupees in the nine months. Total capital adequacy fell slightly to 16.23 percent from 16.93 percent, but is higher than the regulatory minimum.