Sri Lanka’s Seylan Bank December net 23-pct

ECONOMYNEXT – Profits at Sri Lanka’s Seylan Bank rose 23 percent in the December 2015 quarter form a year earlier, helped by fee income and provisions reversals, as interest expenses rose sharply, interim accounts showed.

Interest income rose 11 percent 6.4 billion rupees but interest expenses rose at a faster 23 percent to 3.4 billion rupees and net interest expenses were flat at 2.9 billion rupees.

Fee and commission income rose 36 percent to 861 million rupees. Trading and other operating income was down 25 percent 414 million rupees.

Customer loans grew 24 percent to 193 billion rupees in the year to December 2015.

Loan loss provision were a reversal of 28 million rupees, down from 477 million rupees.

Total assets grew 18 percent to 298 billion rupees and net assets grew 4 percent to 26.2 billion rupees.