Sri Lanka’s Peoples’ Leasing June net up 41-pct

ECONOMYNEXT – Profits at People’s Leasing Company Plc, Sri Lanka’s largest non-bank lender, grew 41 percent to 1,110 million rupees in the June 2015 quarter from a year earlier, helped by falling interest costs interim accounts showed.

The group which also has interests in insurance, reported earnings of 70 cents per share for the quarter. The stock closed at 24.80 rupees Friday.

Premium income grew 9 percent to 767 million rupees. Other operating income grew 34 percent to 101 million rupees.

People’s Leasing said interest income fell 8.4 percent to 4.6 billion rupees and interest expenses fell at faster 24.4 billion rupees allowing net interest income to grow 9.4 percent to 2.59 billion rupees.

Loan loss provisions fell 61 percent to 309 million rupees from 634 million a year earlier.

Loans grew only 1.6 percent to 99.5 billion rupees in the three months to June.

Group gross assets grew 0.2 percent to 117.4 billion rupees. Net assets grew 1.8 percent to 22.4 billion rupees. (Colombo/Aug10/2015)

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