Oct 31, 2013 (LBO) – Profits at Sri Lanka’s Seylan Bank group fell 17 percent to 535 million rupees in the September 2013 quarter from a year earlier, on higher loan losses, interim accounts showed. The group reported earnings of 1.55 rupees per share. For the nine months to September the group reported earnings of 4.46 rupees per share on total profits of 1.5 billion rupees which were down 4.9 percent.
The group said interest income rose 14 percent to 6.3 billion rupees in the quarter, interest expenses rose 19 percent to 3.7 billion rupees but it also grew net interest income 7.9 percent to 2.5 billion rupees.
Fee and commission income was up 8 percent to 566 million rupees.
Other operating income including exchange and fair value gains and losses rose 36 percent to 109 million rupees.
General loan loss and other impairment provisions however more than doubled to 508 million rupees from 212 million rupee a year earlier.
In the nine months loans and advances grew 4.8 percent to 130 million rupees.
Total non-performing loans are no longer disclosed to shareholders under new IFRS accounting rules.
But at the bank level gross non-performing loans improved to 11.3