Sri Lanka’s DFCC Bank group profits up on gains
ECONOMYNEXT – Sri Lanka’s DFCC Bank group said net profits rose 107 percent to 1.54 billion rupees in the June 2017 quarter from a year earlier helped by one of gains.
The group reported earnings of 5.84 rupees per share for the quarter. In the six months to June it reported earnings of 10.62 rupees. The stock traded at 126 rupees.
Group interest income rose 41 percent to 7.9 billion rupees and interest expense rose at a faster 45 percent to 5.2 billion rupees and net interest income also rose 33 percent to 2.7 billion rupees.
Indicial loan losses fell to 100 million rupees from 157 million, but general provisions were increased to 193 million rupees from 26 million rupees a year earlier.
Fee income rose 20 percent to 355 million rupees.
Net gain on financial investments rose to 1.15 billion rupees from 47 million rupees a year earlier. The firm said it made a 1.0 billion gain on the shares of Commercial Bank of Ceylon.
Loans grew 7 percent to 198 billion rupees in the six months to June 2017 while deposits grew 20 percent to 167 billion rupees.
Non-performing loan ratio grew from 2.97 percent in December to 3.02 percent, but the bank said the ratio was down from March.
Gross assets grew 5 percent to 306 billion rupees. Equity grew 1 percent to 47.7 billion rupees.
Core capital adequacy fell to 13.39 percent from 14.6 percent but was above the 5 percent regulatory requirement. Total capital adequacy fell to 15.64 percent from 17.47 percent.