ECONOMYNEXT – Profits at Sri Lanka’s Seylan Bank Plc group grew 69.9 percent to 1.14 billion rupees in the June 2021 quarter helped by a fall in interest expenses and rise in fee and commission income, interim accounts showed.
The group reported earnings of 2.15 rupees for the quarter. In the six month to June the group reported earnings of 3.94 rupees on total profits of 2.1 billion rupees which grew 32.5 percent.
Fee and commission income surged 59.7 percent to 1billion rupees in the quarter.
Trading gains fell 24.6 percent to 155.5 million rupees from the same quarter last year.
In the June quarter group interest income fell 14.4 percent to 11.1 billion rupees and interest expenses fell at a faster 32.2 percent to 5.6 billion rupees, allowing net interest income to grow 16.9 percent to 5.5 billion rupees.
Loans expanded to 411.6 billion rupees in June from 399.7 billion in March 2021. Loans expanded 4.5 percent in the first six months of the year.
Loan losses grew 18 percent to 1.8 billion rupees.
Stage 3 accumulated impairments rose to 16.6billion rupees from 13.3 billion rupees.
At bank level gross non-performing loans grew to 6.51 percent in June from 6.43 percent in December.
Total equity grew 2 percent to 51.8 billion rupees.
Tier 1 capital was 10.29 percent, down from 11.46 percent but above the required 8.5 percent. Total capital adequacy was 13.8 percent down from 14.3 percent, above the required 12.5 percent.
Gross assets grew 3.2 percent to 575.7 billion rupees. (Colombo/August 11/2021)