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Sri Lanka’s Seylan Bank net down 42-pct

ECONOMYNEXT- Profits at Sri Lanka’s Seylan Bank fell 42 percent from a year ago to 624 million in the September 2020 quarter as loan loss provisions grew, interim financials showed.

Seylan Bank reported earnings of 1.18 rupees a share for the quarter.

The bank reported earnings of 4.25 rupees a share for the nine months on total profits of 2.2 billion rupees, falling 12 percent from last year.

Seylan Bank stock closed at 43.80 rupee, down 20 cents on Friday.
Profits were also helped by

Net fee and commission income fell 12 percent to 992 million rupees, but a debt repayment levy fell to zero from 242 million last year helping profits.

In the September quarter net interest income grew 10 percent to 5.5 billion, with interest income falling 6 percent to 13.4 billion rupees and interest expense falling at a fast 15 percent to 9.2 billion rupees.

Loans and advance grew by a marginal 0.16 percent to 379.8 billion from December to September

In the September quarter Loans loss provisions grew to 2.7 billion rupees, up 94 percent from a year ago. The no-performing loan ratio grew to 6.75 percent by September 2020 from 5.76 in December.

Placements with other banks grew to 17 billion rupees from 1 billion a year earlier.

Investments in debt instruments grew 79.5 percent to 48.5 billion rupees.

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Capital gains from bond and related investment grew to 338 million rupees from 30 million rupees a year earlier.

The expansion was financed with deposits that grew by 25 billion rupees to 425 billion rupees.

Total assets grew 7 percent to 547.5 billion rupees by September 2020 from December 2019.

Net assets (equity) grew 10.4 percent to 49.2 billion rupees.

The Bank recorded a Total Tier 1 Capital Ratio of 11.50 percent as and a Total Capital Ratio of 14.54 percent.

Capital of the bank amounted to 51 billion rupees, interim accounts showed. (Colombo /Nov16 / 2020)

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