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Sri Lanka DFCC Bank profits flat
11 Nov, 2011 06:07:27
Nov 11, 2011 (LBO) - Sri Lanka's DFCC Bank group reported profits of 529 million rupees in the September 2011 quarter, hardly changed from 524 million a year earlier, with net interest income narrowing, interim accounts showed.
The group reported earnings of 2.0 rupees for the quarter. For the six months it reported earnings of 4.57 per share on profits of 1.24 billion rupees.

Interest income fell 7.4 percent to 2.23 billion rupees in the quarter while interest expenses fell at a slower 4.8 percent to 1.05 billion rupees making net interest income fall 9.7 percent to 1.17 billion rupees.

Performing loans rose to 67 billion rupees in September from 56 billion rupees in March, while non-performing loans also rose to 6.6 billion rupees from 6.1 billion rupees.

Loan provisions were a net 6.1 million rupees, down from 65 million a year earlier, with specific provisions of 155 million rupees and recoveries of 121 million.

Group fee income also fell 39 percent to 330 million rupees.

DFCC's government securities portfolio fell to 7.4 billion rupees from 17.1 billion rupees in March, as advances grew.

As result the group balance sheet grew to only 93 billion rupees from 90.3 billion six month earlier. Net assets grew to 24.5 billion rupees from 24.1 billion in March.

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