Chartered Profits

June 01, 2008 (LBO) – Standard Chartered Bank of Sri Lanka posted 44 percent growth in profits for the 2008 March quarter following a 22 percent growth in interest income, the published interim results showed.

Standard Chartered’s deposit base grew at a slower pace of six percent to 55.59 billion rupees.

Total assets stood at 78.57 billion rupees by the end of the 2008 March quarter. The bank’s after tax profits rose to 697 million rupees from 484 million compared to the quarter in 2007.

Standard Chartered Bank’s interest income growth increased to 2,263 million rupees from 1,858 million while net interest income increased 32 percent to 1,026 million.

The total interest expense for the March quarter had increased 15 percent to 1,237 million rupees.

The bank’s foreign exchange income was up 42 percent to 375 million rupees while the total non interest income increased by half to 755 million.

Provisions for bad loans increased from 40 million to 53 million rupees, the interim results showed.