ECONOMYNEXT - Profits at Sri Lanka's listed People's Leasing and Finance grew 25.3 percent from a year earlier to 997 million rupees in the June 2018 quarter on improving interest margins, interim accounts showed.
The finance company which is a unit of state-controlled People's Bank reported earnings of 63 cents a share in the quarter, interim accounts filed with the Colombo Stock Exchange showed.
People's Leasing and Finance closed 10 cents lower at 15.20 rupees on Monday.
In the June quarter, interest income increased 16.5 percent from a year earlier to 7.5 billion rupees, and interest expenses grew a slower 5.4 percent to 3.7 billion rupees expanding net interest income by 30 percent to 3.8 billion rupees.
Net earned premiums from an insurance subsidiary increased 16 percent to 1.1 billion rupees.
Bad loans provisioning grew 56 percent to 859 million rupees.
Personnel costs increased 29 percent to 972 rupees, while benefits, claims and underwriting expenses of the insurance subsidiary grew 20.4 percent to 821 million rupees.
Income tax expenses grew 31.5 percent to 388 million rupees.
People's Leasing and Finance's loan book expanded 3.7 percent from the previous March quarter to 148 billion rupees at end June 2018.
Deposits grew 0.4 percent to 69.7 billion rupees in the same period.
Debt securities issued increased 22 percent to 32 billion rupees while bank borrowings declined 12.6 percent to 27.4 billion rupees.
The finance company which is a unit of state-controlled People's Bank reported earnings of 63 cents a share in the quarter, interim accounts filed with the Colombo Stock Exchange showed.
People's Leasing and Finance closed 10 cents lower at 15.20 rupees on Monday.
In the June quarter, interest income increased 16.5 percent from a year earlier to 7.5 billion rupees, and interest expenses grew a slower 5.4 percent to 3.7 billion rupees expanding net interest income by 30 percent to 3.8 billion rupees.
Net earned premiums from an insurance subsidiary increased 16 percent to 1.1 billion rupees.
Bad loans provisioning grew 56 percent to 859 million rupees.
Personnel costs increased 29 percent to 972 rupees, while benefits, claims and underwriting expenses of the insurance subsidiary grew 20.4 percent to 821 million rupees.
Income tax expenses grew 31.5 percent to 388 million rupees.
People's Leasing and Finance's loan book expanded 3.7 percent from the previous March quarter to 148 billion rupees at end June 2018.
Deposits grew 0.4 percent to 69.7 billion rupees in the same period.
Debt securities issued increased 22 percent to 32 billion rupees while bank borrowings declined 12.6 percent to 27.4 billion rupees.
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