Ceylon FT: Union Bank of Colombo PLC reported a net profit of Rs 23.15 million at group level for the first quarter ended 31 March 2014, down 56% from Rs 53.13 million a year ago, interim financial results showed.
At bank level, net profits fell 88% to Rs 7.65 million, down from Rs 62.69 million a year ago.
The bank reported a group net interest income of Rs 384.07 million, up 8% from a year ago, with total operating income growing 16% to Rs 564.99 million.
Individual loan impairment costs grew 870% to Rs 9.4 million and collective impairment costs grew 269% to Rs 66.06 million. Loan write offs amounted to Rs 4.36 million.
Personnel expenses grew 25% to Rs 185.47 million, depreciation and amortization grew 27% to Rs 55.9 million and ‘other’ expenses grew 30% to Rs 199.95 million.
The group’s deposit base grew 5% from the end of December 2013 to Rs 30.92 billion as at end March 2014, and the loan book expanded 8% to Rs 27.4 billion.
www.ceylontoday.lk
At bank level, net profits fell 88% to Rs 7.65 million, down from Rs 62.69 million a year ago.
The bank reported a group net interest income of Rs 384.07 million, up 8% from a year ago, with total operating income growing 16% to Rs 564.99 million.
Individual loan impairment costs grew 870% to Rs 9.4 million and collective impairment costs grew 269% to Rs 66.06 million. Loan write offs amounted to Rs 4.36 million.
Personnel expenses grew 25% to Rs 185.47 million, depreciation and amortization grew 27% to Rs 55.9 million and ‘other’ expenses grew 30% to Rs 199.95 million.
The group’s deposit base grew 5% from the end of December 2013 to Rs 30.92 billion as at end March 2014, and the loan book expanded 8% to Rs 27.4 billion.
www.ceylontoday.lk
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