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Mon, 22 September 2014 21:13:41
Sri Lanka DFCC Bank net down 15-pct
09 Feb, 2013 08:17:22
Feb 09, 2013 (LBO) - Sri Lanka's DFCC Bank group's fell 15 percent to 795 million rupees in the December 2012 quarter from a year earlier, dragged down by lower fee income, interim accounts showed.
The group reported earnings of 3.00 rupees per share for the quarter. In the nine months to December earnings were 8.66 rupees per share on total profits of 2.29 billion rupees which rose 6.8 percent.

The stock last traded at 127 rupees.

Interest income rose 64 percent to 4.1 billion rupees in the quarter, and interest expenses surged at a faster 108 percent to 2.45 billion rupees, and the bank grew net interest income 25.5 percent to 1.65 billion rupees.

Chief executive Nihal Fonseka said loan growth at the group's commercial banking subsidiary was slowed by a credit ceiling imposed by the regulator.

Fee income fell 31 percent partly due a forex tradng loss of 35 million rupees. Fonseka said the loss came from the cost of swaps, used to convert dollars for rupee loans, which was assigned to the forex trading.

A dividend that came from Commercial Bank of Ceylon in which the group has a large stake in the December quarter last year, has been declared in the ensuing quarter.

Loan loss provisions were a net recovery of 76 million rupees, helped by a 457 million recovery, though a 471 million new provision was made.

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