ECONOMYENXT – Profits at Sri Lanka’s Seylan Bank group rose 53 percent from a year earlier to 1,051 million rupees in the June 2015 quarter, helped by high fee income and lower loan loss provisions, interim accounts showed.
The group reported earnings of 3.05 rupees per share, for the quarter. In the 6-months to June 2015 the group reported earnings of 4.97 rupees per share, on total profits of 1,710 million rupees, up 41 percent from a year earlier.
Fees and commission income rose 14 percent to 1.2 billion rupees. Trading income rose 19 percent to 1.02 billion rupees.
Seylan Bank group interest income rose 1 percent to 6.0 billion rupees, interest expenses fell 4 percent to 2.9 billion rupees and net interest expenses rose 7.21 percent to 3.03 billion rupees.
Loan loss provisions fell 558 million rupees from 675 million year earlier.
Loans to customers rose 4.9 percent to 162 billion rupees in the six months to June 2015.
Financial Investments available for sale rose to 40 billion rupees from 23 billion rupees. Investments held to maturity fell to 20 billion rupees from 22 billion.
They were financed by customer deposits grew 2.2 percent to 190 billion rupees. Short term reverse repo deals with cut to 4.2 billion rupees from 17.7 billion rupees.
Seylan Bank total group assets grew 5.4 percent to 265 billion rupees, and net assets grew 2.1 percent to 26.8 billion rupees. (Colombo/Aug01/2015 – Update I)