Sri Lanka’s Seylan Bank profits down 11-pct in June quarter

ECONOMYNEXT – Profits at Sri Lanka’s Seylan Bank Plc group fell 11.3 percent from a year earlier to 547 million rupees in the June 2018 quarter amid flat net interest income, higher taxes and continueing loan loss provisions, interim accounts showed.

The group reported earnings of 1.71 rupees per share for the quarter. In the six months to June the group reported earnings 3.88 rupees per share on total profits of 1.46 billion rupees which was down 1.45 percent.

The stock closed at 74.90 rupees, up 30 cents on Tuesday.

Group interest income grew 16.3 percent to 13.75 billion rupees, interest expenses grew at a faster 25.9 billion rupees and net interest income was flat at 4.4 billion rupees.

Loans at Seylan grew 5.2 percent to 343 billion rupees from December to June. Loan loss provisions were down 8.6 percent to 1.13 billion rupees.

At standalone bank level gross non-performing loan ratio grew to 6.49 percent in June from 5.98 percent in December.
There was a 209 million rupee, debt repayment levy.

Deposits grew 4.8 percent to 374 billion rupees from June to December. Seylan said there was a shift towards higher yielding fixed deposits and the current and savings (CASA) deposit ratio was 27.9 percent.

Group gross assets grew 3.23 percent to 484 billion rupees from December to June 2019. Net assets grew 7.59 percent to 38.5 billion rupees. (Colombo/July30/2019)

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