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Sri Lanka’s Seylan Bank group net up 24%

Sri Lanka’s Seylan Bank group net up 24%

COLOMBO: Sri Lanka’s Seylan Bank Plc group’s net profits in the June 2017 quarter rose 24 percent to 1.32 billion rupees from a year earlier, helped by investment income and lower tax provision, interim accounts show. The group reported earnings of 3.74 rupees per share. The stock closed at 95 rupees, unchanged Monday. Interest income for the quarter rose 32 percent to 10.6 billion rupees and interest expense rose at a faster 43 percent to 6.9 billion rupees, but the bank also grew its net interest income 14 percent to 3.6 billion rupees.

Customer loans grew 2.97 percent to 243 billion rupees in the six months to June. Deposits grew 2.45 percent to 280 billion rupees. Specific provisions rose to 684 million rupees in the quarter from 103 million rupees a year earlier and general provision also rose to 146 million rupees from 124 million rupees. Fee and commission income rose 22 percent to 935 million rupees. Net gains on financial investments rose to 247 million rupees from a negative 6.1 million a year earlier helping boost the bottom line. Corporate income tax was down 42 percent to 323 million rupees.  At standalone bank level profits were down 9.2 percent to 939 million rupees. Group gross assets grew 3.7 percent to 371 billion rupees and net assets grew 9.8 percent to 33 billion rupees.