ECONOMYNEXT - Profits at Sri Lanka's HNB group, which is in commercial banking and insurance edged 2 percent lower to 3.5 billion rupees, dragged down by a higher tax charge, despite a provision reversal.
The group reported earnings of 9.41 rupees per share for the quarter.
In the 12-month to December the HNB group reported earnings of 25.8 rupee per share on total profits of 10.4 billion which were up 16 percent.
At stand-alone bank level interest income rose 16 percent to 14.4 billion rupees and interest expenses rose at a faster 26 percent to 7.5 billion rupees, and net interest income grew at a lower 6 percent to 6.9 billion rupees.
Fee and commission income rose 27 percent to 1.65 billion rupees.
There were trading losses of 444 million rupees and 1.2 billion rupees of other income up from 262 million a year earlier.
In the year to December the bank grew loans 26 percent to 507 billion rupees.
The bank reversed 1.1 billion rupees in general provisions, up from a reversal of 576 million a year earlier.
New specific provisions of 299 million rupees were made, down from 494 million a year earlier.
The bank had sharply higher income tax charge of 1.9 billion rupees, up from just 579 million a year earlier.
Available for sale assets - which usually includes bonds - rose 15 percent to 79 billion rupees.
In the year to December the bank took a 2.4 billion fair value loss as interest rates rose, which is not taken in to the profit and loss account.
Group gross assets rose 27 percent to 757 billion rupees and net assets rose 12 percent to 77 billion rupees.
The group reported earnings of 9.41 rupees per share for the quarter.
In the 12-month to December the HNB group reported earnings of 25.8 rupee per share on total profits of 10.4 billion which were up 16 percent.
At stand-alone bank level interest income rose 16 percent to 14.4 billion rupees and interest expenses rose at a faster 26 percent to 7.5 billion rupees, and net interest income grew at a lower 6 percent to 6.9 billion rupees.
Fee and commission income rose 27 percent to 1.65 billion rupees.
There were trading losses of 444 million rupees and 1.2 billion rupees of other income up from 262 million a year earlier.
In the year to December the bank grew loans 26 percent to 507 billion rupees.
The bank reversed 1.1 billion rupees in general provisions, up from a reversal of 576 million a year earlier.
New specific provisions of 299 million rupees were made, down from 494 million a year earlier.
The bank had sharply higher income tax charge of 1.9 billion rupees, up from just 579 million a year earlier.
Available for sale assets - which usually includes bonds - rose 15 percent to 79 billion rupees.
In the year to December the bank took a 2.4 billion fair value loss as interest rates rose, which is not taken in to the profit and loss account.
Group gross assets rose 27 percent to 757 billion rupees and net assets rose 12 percent to 77 billion rupees.
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