Banking Gains

May 31, 2013 (LBO) – Sri Lanka’s DFCC Bank group has reported net profits of 1.2 billion rupees in the March 2013 quarter, up 63 percent from a year earlier, helped by higher interest income. The group reported earnings of 4.63 rupees per share reporting on accounts filed with the Colombo stock exchange using Sri Lanka Accounting Standards. Full year earnings were 12.29 rupees per share on profits of 3.5 billion rupees which were up 21 percent.

The stock closed at 143.00 down 1.00 rupee Thursday.

Non interest income grew 14 percent to 952 million rupees.

The bank said interest income rose 53 percent to 4.3 billion rupees, interest expense grew at a faster 68 percent to 2.5 billion rupees, but net interest income grew 36 percent to 1.7 billion rupees.

Performing loans grew 11 percent to 94 billion rupees from a year earlier. Non performing loans grew 16.8 percent to 7.4 billion rupees.

The group provided 13 million rupees for non performing loans against a 20 million rupee reversal last year with a 129 million rupees specific provision and 131 million rupees in recoveries.

Deposits grew 37 percent to 61 billion rupees during the year.

Gross assets grew 20 p