Asset Rich

Aug 13, 2013 (LBO) – Profits at Sri Lanka’s DFCC Bank group was flat at 595 million rupees for the June 2013 quarter from a year earlier, while the company also made unrealized gains in 558 million rupees on listed shares. Unrealized gain in listed stocks, mostly in Commercial Bank of Ceylon was 585 million rupees, compared to a loss of 550 million a year earlier.

The group had gross assets of 152 billion rupees by end June 2013 up from 151.1 billion in March.

DFCC also reported equity of 37.1 billion rupees as unrealized gains were brought into the balance sheet under new accounting rules, giving it net assets of 137.9 rupees per share.

The group reported earnings of 1.89 rupees per share for the quarter in accounts filed with the Colombo Stock Exchange. DFCC Bank closed at 128.10 rupees, down 2.70 Tuesday.

The group includes results of DFCC Vardhana Bank, a commercial banking unit whose accounts are consolidated with a lag of three months.

Group interest income rose 35.9 percent to 4.7 billion rupees, interest expense rose 36 percent to 2.6 billion rupees and net interest expense kept pace rising 35 percent to 2.1 billion rupees.

Net loss from financial instruments at fair value thr