Banking

May 03, 2013 (LBO) – Sri Lanka’s Seylan Bank group said net profits for the March 2013 quarter rose 26 percent from year earlier, by both fund and fee based income. The group reported earnings of 1.51 rupees for the quarter.

Return (profit before tax) on assets was 1.54 percent and return on equity was 1.54 percent.

Group interest income rose 30 percent to 5.8 billion rupees, interest expenses rose at a faster 50 percent to 3.69 billion rupees and the group grew net interest income 6.07 percent to 2.1 billion rupees.

Fee income rose 20 percent to 459 billion rupees.

Chief executive Kapila Ariyaratne said in a statement that the momentum was maintained despite a challenging global and external environment.

Fee income was raised through diversifying into different areas while import related activities reduced, the bank said.

Loan losses were a reversal of 65 million rupees for the quarter from a 47 million rupee net impairment a year earlier.

Loans grew 0.9 percent to 125 billion rupees during the quarter from December 2012.

The bank said non-performing assets fell by 421 million during the period.

Deposits grew