ECONOMYNEXT - Profits at Sri Lanka's listed Central Finance Company Plc rose 7.60 percent from a year earlier to 1.52 billion in the September 2018 quarter on improving interest income margins, interim results showed.
The company reported earnings of 6.85 rupees a share in the quarter. In the six months to end September, earnings were 13.20 rupees a share on a profit of 2.88 billion rupees, up 14.66 percent from a year earlier, interim results filed with the Colombo Stock Exchange showed.
The share was trading 4.80 rupees higher at 94.80 rupees on Monday.
In the quarter, Net interest income had increased 15.24 percent from a year earlier to 3.1 billion rupees as interest income rose 14.66 percent to 4.6 billion rupees and interest expenses increased a slower 13.42 percent to 1.45 billion rupees.
Other revenue from business units in medical services, power generation, manufacturing, insurance broking and real estate, increased 17.4 percent to 895 million rupees and cost of sales grew 18.5 percent to 642 million rupees leading to a gross profit of 253.2 million rupees.
Personnel expenses rose 10.8 percent to 529.4 million rupees and administrative costs fell 18.2 percent to 614.6 million rupees.
Bad loans provisioning increased 318 percent to 234.4 million rupees mostly due to a change in accounting standards.
Central Finance's loan book expanded 22.6 percent to 68.8 billion rupees in the six months to end September 2018, and deposits grew 17.5 percent in the same period to 41.8 billion rupees.
Long term borrowings stood at 4.5 billion rupees at end September 2018, a sharp increase from just 5.4 million rupees six months earlier.
The company reported a Tier 1 capital adequacy ratio of 24.84 percent compared to the regulatory minimum of 6 percent.
The company reported earnings of 6.85 rupees a share in the quarter. In the six months to end September, earnings were 13.20 rupees a share on a profit of 2.88 billion rupees, up 14.66 percent from a year earlier, interim results filed with the Colombo Stock Exchange showed.
The share was trading 4.80 rupees higher at 94.80 rupees on Monday.
In the quarter, Net interest income had increased 15.24 percent from a year earlier to 3.1 billion rupees as interest income rose 14.66 percent to 4.6 billion rupees and interest expenses increased a slower 13.42 percent to 1.45 billion rupees.
Other revenue from business units in medical services, power generation, manufacturing, insurance broking and real estate, increased 17.4 percent to 895 million rupees and cost of sales grew 18.5 percent to 642 million rupees leading to a gross profit of 253.2 million rupees.
Personnel expenses rose 10.8 percent to 529.4 million rupees and administrative costs fell 18.2 percent to 614.6 million rupees.
Bad loans provisioning increased 318 percent to 234.4 million rupees mostly due to a change in accounting standards.
Central Finance's loan book expanded 22.6 percent to 68.8 billion rupees in the six months to end September 2018, and deposits grew 17.5 percent in the same period to 41.8 billion rupees.
Long term borrowings stood at 4.5 billion rupees at end September 2018, a sharp increase from just 5.4 million rupees six months earlier.
The company reported a Tier 1 capital adequacy ratio of 24.84 percent compared to the regulatory minimum of 6 percent.
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