Capital Gains

Aug 27, 2008 (LBO) – Sri Lanka’s DFFC Bank net profit for the June quarter rose 30 percent to 515 million rupees from 395 million rupees a year ago, helped by capital gains from the sale of shares, the bank’s interim results show.

Profit for the June quarter included a one-off gain of 108 million (after financial services VAT) arising from the sale of shares held as an investment, Fonseka said.

Group total income rose 19.2 percent to 3.1 billion rupees from 2.6 billion.

At bank level, interest income rose 3.4 percent to 2.10 billion rupees from 2.03 billion rupees while interest expenses fell 3.4 percent to 1.42 billion rupees from 1.47 billion rupees.

The bank’s net interest income rose 22.3 percent to 681 million rupees from 557 million rupees.

The bank’s total provisioning for bad loans almost doubled to 127 million rupees from 64 million rupees.

Dividend income rose to 186 million rupees in the June quarter from 143 million rupees a year ago.

Fonseka said that the financial services value added tax and income tax expense was 747 million rupees, being 58 percent of gross profit.

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