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Sri Lanka’s DFCC September net up 78-pct

ECONOMYNEXT – Profits at Sri Lanka’s DFCC Bank group rose 78 percent to 953 million rupees in the September 2016 quarter from a year earlier, driven by strong net interest income, interim accounts showed.

The group reported earnings of 3.6 rupees per share for the quarter. For the nine months ending September 2016, the group reported earnings of 10.02 rupee per share, on total earnings of 2.6 billion rupees, which was up 32 percent.

Interest income rose 47 percent to 6.3 billion rupees and net interest expenses rose at a faster 54 percent to 3.9 billion rupees, but the group also grew net interest income 35 percent 2.4 billion rupees.

Customer loans grew 8.4 percent to 173 billion rupees in the nine months to September. Loan loss provisions fell 6 percent to 253 million rupees.

Fee and commission income rose 17 percent to 350 million rupees.

 

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