Nov 04, 2009 (LBO) – Sri Lanka’s DFCC Bank has reported group net profits up 73 percent to 823 million rupees for the September 2009 quarter, from a year earlier as higher incomes from government securities boosted margins. Total group revenues rose 9.5 percent to 3.6 billion rupees, interim accounts filed with the Colombo Stock Exchange showed.
Interest income rose 10.1 percent to 3.26 billion rupees, while interest expense fell 3.5 percent to 1.84 billion allowing net interest income to increase sharply by 35.1 percent to 1.41 billion rupees.
Interest income from loans and advances fell to 2.38 billion rupees as performing loans slumped 11.1 percent to 46.1 billion rupees.
But interest income from earnings assets doubled to 877 million rupees, from 435 last year. Government treasuries holdings went up to 18.4 billion rupees from 9.4 billion rupees in March.
Fee income was stable at 341 million rupees in the September quarter from 328 million rupees a year earlier.
Total performing loans fell to 46.1 billion rupees from 51.9 billion rupees in March even as non performing loans and Treasuries holdings went up. Bad loans rose to 8.5 billion rupees from 6.6 billion rupees in March.