Slow Quarter

Nov 22, 2007 (LBO) – Sri Lanka’s PABC Bank said net profit for the September quarter was down five percent year-on-year to 40 million rupees. Interest income rose to 521 million rupees from 342 million rupees in the same period the year before, according to interim result given to the Colombo bourse.

Net interest income rose to 176 million rupees from 150 million rupees.

The bank said foreign exchange income rose to 27 million rupees from 17 million rupees.

It also made provision for bad loans amounting to a general provision of eight million rupees.

It made a specific provision of 12 million compared with 18 million rupees last year.

However, profit for the nine months to September rose 30 percent to 130 million rupees.

The bank’s total performing loans and advances rose to 8.9 billion rupees from 7.4 billion last year. .