Sri Lanka’s Seylan Bank profits Rs1 bln, flat in June quarter

Aug 01, 2016 (LBO) – Sri Lanka Seylan Bank group recorded a net profit of one billion rupees in the June 2016 quarter up 1 percent from the same period last year, a filing with the stock exchange showed.

The group reported earnings of 3.08 rupees per share for the quarter up 1 percent from the same quarter last year. The share last traded at 95.50 rupees.

The group’s interest income rose 34 percent to 8.0 billion rupees and interest expenses rose 62 percent to 4.8 billion rupees. The bank grew net interest income 6 percent to 3.2 billion rupees.

Fees and commission income rose 16 percent to 763 million rupees and fees and commission expenses fell 12 percent to 27 million rupees, growing net fees and commission income by 17 percent to 736 million rupees.

Individual impairment charges fell 57 percent to 104 million rupees in June quarter while collective impairment charges rose 281 percent to 125 million rupees.

Loans to customers rose 7.6 percent to 208 billion rupees in the six months to June 2016 while deposits from customers grew 7.2 percent to 241 billion rupees.

Gross non-performing advances ratio of the bank was 4.63 percent as at 30th June 2016, down from 4.68 percent as at 31st December 2015.

Interest margin was down from 4.42 percent in December last year to 3.94 percent in June this year.

The group’s total assets grew 10 percent to 328 billion rupees in the six months to June 2016, while net assets value per ordinary share fell 2.9 percent to 74.01 rupees.

The group financial statements comprise a consolidation of the financial statements of Seylan Bank and its subsidiary Seylan Developments PLC.