Sri Lanka’s DFCC Bank net down 29-pct, loan growth up
COLOMBO (EconomyNext) – Profits at Sri Lanka’s DFCC Bank group fell 29 percent to 824 million rupees in the March 2015 quarter amid narrowing net interest income but the group grew loans 4.5 percent, interim accounts show.
The group reported earnings of 3.11 rupees for the quarter. In the year to March 2015, the group reported earnings of 16.46 rupees per share.
In the March quarter interest income fell 16.2 percent to 3.8 billion rupees and interest expenses fell at a faster 19 percent to 2.1 billion rupees but net interest expenses also fell 12 percent to 1.6 billion rupees.
Loans grew 4.5 percent to 135 billion rupees during the quarter. Deposits grew 11 percent to 92 billion rupees.
DFCC group provided 285 million rupees or specific loan losses up from 176 million rupees a year earlier, but there was a 55 million rupee write-back from general provision, against a 67 million rupee provision last year.
Net fee income rose 38 percent to 318 million rupees.
The bank said there was a 349 million rupee gain on financial instruments, a 626 million gain on financial instruments and a 285 million rupee negative other income which involves the effects of forex losses and gains on swaps as well as equity investments.
Gross assets was slightly up at 48.2 billion rupees during the quarter and net assets to 4.7 billion rupees from 48.02 billion rupees.