Sri Lanka’s Seylan Bank March 2018 net up 21.6-pct
ECONOMYNEXT – Profits at Sri Lanka’s Seylan Bank increased 21.6 percent in the March 2018 quarter to 1.05 billion rupees from a year earlier despite shrinking interest margins and increasing loan-loss provisioning, interim accounts showed.
The bank reported earnings of 2.88 rupees per share in the quarter, according to interim accounts filed with the Colombo Stock Exchange. The stock last traded at 85 rupees.
Interest income grew 13 percent to 11.4 billion rupees, interest expenses grew at a slower 10.8 percent to 7.2 billion rupees, resulting in net interest income increasing 17.2 percent from a year earlier to 4.2 billion rupees in the March 2018 quarter.
Interest margins have shrunk to 4.13 percent, down from 4.24 percent the previous quarter.
Net fee and commission income grew 14.6 percent from a year earlier to 995.4 million rupees.
Trading income rose 344.6 percent to 89.9 million rupees in the quarter and gains from financial investments were 33.4 million rupees compared to a 4 million rupees loss the previous year.
Provisions for loan losses increased 57 percent to 542.4 million rupees.
Seylan Bank’s deposit base grew 1.24 percent from the previous December 2017 quarter to 310.9 billion rupees in the March 2018 quarter.
The bank’s loan book grew 3 percent from the previous quarter to 289.3 million rupees. (COLOMBO, 02 May, 2018)