Healing Numbers

Feb 18, 2010 (LBO) – Sri Lanka’s Seylan Bank group said losses narrowed to 16.5 million rupees in the December quarter from 689 million a year ago and that it ended the year with a profit. The bank said in a stock exchange filing that it made a full year net profit of 569 million rupees compared with a loss of 142 million the year before.

In the December quarter the loss per share was down to 0.35 rupees compared with a loss of 16.50 rupees the year before.

The group’s full year earnings per share were three rupees compared with a loss per share of 0.89 rupees the previous year.

Interest income for the December quarter fell nine percent to 5.7 billion, while interest expenses fell 33.6 percent to 2.9 billion, allowing net interest income to rise 46 percent to 2.8 billion rupees.

Interest income for the financial year ending December 31, 2009 fell 5.9 percent to 21.8 billion, interest expenses fell nine percent to 14.4 billion, and net interest income rose 1.7 percent to 7.4 billion rupees.

Non-interest income in the December quarter fell 10 percent to 479 million rupees with foreign exchange income down sharply while for the full year non-interest income fell 30