ECONOMYNEXT - Profits at Sri Lanka's listed Seylan Bank fell 26.5 percent from a year ago to 973.7 million rupees in the June 2018 quarter on falling foreign exchange and investment incomes and increasing taxes, despite improving margins and lower bad loan provisioning, interim accounts showed.
The bank reported earnings of 2.66 rupees a share in the quarter, interim accounts filed with the Colombo Stock Exchange showed. The share closed Friday at 79 rupees.
For the six months to end June 2018, the bank reported earnings of 5.41 rupees a share with net interest income growing 18.8 percent from a year earlier to 8.7 billion rupees and net fee and commission income growing 10.3 percent to 1.9 billion rupees.
Interest margins had narrowed to 4.14 percent at end June, down from 4.24 percent at end December 2017.
In the June 2018 quarter, Seylan Bank reported an 11.4 percent growth in interest income from a year earlier to 11.8 billion rupees with interest costs growing at a slower 7 percent to 7.4 billion rupees which saw net interest income expand 19.3 percent to 4.4 billion rupees.
Net fee and commission income had increased 6 percent from a year earlier to 959.2 million rupees in the June quarter.
Foreign exchange income fell 91.6 percent to 15.6 million rupees and gains from financial investments fell 99 percent to 2.1 million rupees. Other operating incomes had declined 92 percent to 46.2 million rupees.
Bad loans provisioning fell 4 percent to 799.1 million rupees in the quarter after increasing the previous March quarter.
For the six months to end June, bad loan provisioning was up 14 percent from a year earlier to 1.3 billion rupees. Net non-performing loans were 3.96 percent of total loans at end June, up from 3.10 percent six months earlier.
In the June quarter, personnel expenses increased by 9 percent to 1.4 billion rupees and other expenses rose 10 percent to 1.3 billion rupees.
Income tax expenses rose 22 percent to 395 million rupees.
Seylan Bank's loan boon expanded 8.54 percent from end December 2017 to 304.8 billion rupees at end June 2018, while customer deposits grew a slower 4.3 percent to 320.4 billion rupees.
The bank's total Tier I capital ratio was 10.33 percent at end June 2018, above the regulatory minimum of 7.855 percent, and was marginally lower from 10.39 percent at end December 2017.
Total capital ratio was 13.91 percent at end June 2018, up from 13.46 percent six months earlier. The regulatory minimum total capital ratio is 11.875 percent.
The bank reported earnings of 2.66 rupees a share in the quarter, interim accounts filed with the Colombo Stock Exchange showed. The share closed Friday at 79 rupees.
For the six months to end June 2018, the bank reported earnings of 5.41 rupees a share with net interest income growing 18.8 percent from a year earlier to 8.7 billion rupees and net fee and commission income growing 10.3 percent to 1.9 billion rupees.
Interest margins had narrowed to 4.14 percent at end June, down from 4.24 percent at end December 2017.
In the June 2018 quarter, Seylan Bank reported an 11.4 percent growth in interest income from a year earlier to 11.8 billion rupees with interest costs growing at a slower 7 percent to 7.4 billion rupees which saw net interest income expand 19.3 percent to 4.4 billion rupees.
Net fee and commission income had increased 6 percent from a year earlier to 959.2 million rupees in the June quarter.
Foreign exchange income fell 91.6 percent to 15.6 million rupees and gains from financial investments fell 99 percent to 2.1 million rupees. Other operating incomes had declined 92 percent to 46.2 million rupees.
Bad loans provisioning fell 4 percent to 799.1 million rupees in the quarter after increasing the previous March quarter.
For the six months to end June, bad loan provisioning was up 14 percent from a year earlier to 1.3 billion rupees. Net non-performing loans were 3.96 percent of total loans at end June, up from 3.10 percent six months earlier.
In the June quarter, personnel expenses increased by 9 percent to 1.4 billion rupees and other expenses rose 10 percent to 1.3 billion rupees.
Income tax expenses rose 22 percent to 395 million rupees.
Seylan Bank's loan boon expanded 8.54 percent from end December 2017 to 304.8 billion rupees at end June 2018, while customer deposits grew a slower 4.3 percent to 320.4 billion rupees.
The bank's total Tier I capital ratio was 10.33 percent at end June 2018, above the regulatory minimum of 7.855 percent, and was marginally lower from 10.39 percent at end December 2017.
Total capital ratio was 13.91 percent at end June 2018, up from 13.46 percent six months earlier. The regulatory minimum total capital ratio is 11.875 percent.
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