Dec 01, 2008 (LBO) – Net profits of state-run Bank of Ceylon fell 5.6 percent in the 9-months to September while revenues grew 20.6 percent to 43.9 billion rupees, interim accounts published by the bank showed. Deposits grew to 325.6 billion rupees from 310.4 billion rupees in the nine months. Savings accounts grew to 141.3 billion rupees from 126.6 billion, while fixed deposits grew marginally to 136.9 billion from 131.6 billion rupees.
Bank of Ceylon group’s gross assets grew to 473 billion rupees from 444.199 billion rupees and net assets to 23.4 billion rupees from 22.5 billion rupees. Interest expense grew 25.2 percent to 26.4 billion rupees allowing net interest income to grow by a slower 12.4 percent to 10.2 billion rupees.
The banks forex income fell 60.4 percent to 695.6 million rupees from 1,758 million a year ago, while unspecified fee income grew 56.6 percent to 3,784 million rupees.
Loan loss provisions doubled to 481.8 million rupees from 234.5 million rupees.
Corporate income tax grew to 1,560 million rupees from 860.4 million rupees, while the so-called financial value added tax rose to 1,336 million rupees from 1,103 million rupees.
Bank of Ceylon’s performing loans an