Strong Numbers

Aug 24, 2009 (LBO) – Profits at Sri Lanka’s state-run Bank of Ceylon group grew 82.1 percent to 1,832 million rupees from a year earlier, on strong net interest growth and forex income, despite higher loan losses, interim June 2009 quarter accounts showed.

Deposits grew 13.7 percent to 361.2 billion rupees from the beginning of the year.

Group gross assets rose 2.1 percent to 502.2 billion rupees from the beginning of the year. Net Assets were up 5.5 percent to 26.2 billion rupees.

Interest income grew 16.3 percent to 33.2 billion rupees, interest expenses grew at a slower 14.6 percent to 17.3 billion rupees allowing net interest income to grow at a faster rate of 19.6 percent to 7.57 billion rupees.

Foreign exchange income almost trebled to 1,223 million from 413 million rupees.

Group loan loss provisions rose to 915 million rupees in the June quarter from 381 million rupees a year ago. At bank levels provisions rose to 829 million from 311 million.

Total non-performing loans rose to 18.7 billion rupees in June from 14.8 billion rupees at the beginning of the year. At bank level non-performing loans rose to 17.4 billion rupees from 13.8 billion.

Total performing loans fell 4.7 percent to 260.2 billion rupees. At bank le