Feb 28, 2014 (LBO) – Profits at Sri Lanka’s Seylan Bank Plc rose 71 percent to 797 million rupees in the December 2013 quarter from a year earlier, on wider margins, despite higher loan losses, interim accounts showed. Group gross assets rose 17.3 percent to 217 billion rupees in the 12 months to December with net assets up 16 percent to 22.6 billion rupees.
The group reported earnings of 2.31 per share. In the year to December the group reported earnings of 6.78 rupees on total profits of 2.32 billion rupees which were up 12.1 percent.
Seylan group interest income rose 14.9 percent to 6.7 billion rupees in the December quarter, interest expense rose at a slower 2.9 percent allowing net interest income to grow 34 percent to 2.99 billion rupees.
Fee income rose 43 percent to 583 million rupees.
The group provided 761 million rupees for loan losses, up from a reversal of 54 million rupees a year earlier.
Loans grew 9.4 percent to 136 billion rupees during 2013 and financial investments available for sale grew 23 percent to 14.0 billion rupees and investments held to maturity grew 21 percent to 24.1 billion rupees.
Deposits grew 14 percent to 167 billion rupees.