May 12, 2014 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said profits rose 2 percent in the March 2014 quarter to 2,301 million rupees from a year earlier, with helped by higher net interest income and trading gains. The group reported earnings of 2.71 rupees per share, in interim accounts filed with the Colombo Stock Exchange.
In the March 2014 quarter interest income rose 5.2 percent to 15.2 billion rupees, interest expenses fell in absolute terms by 2.2 percent to 8.67 billion rupees allowing net interest income to grow 17 percent to 6.5 billion rupees.
Fees and commission income rose 15 percent to 1.0 billion rupees.
Loans shrank 0.24 percent to 417 billion rupees by end March from December 2012.
Loan term loans grew to 107 billion rupees from 102 billion rupees but short term loans fell to 16 billion rupees from 21 billion, while personal loans, housing and leases edged marginally lower.
Pawning or gold-backed advances were down to 4.9 billion rupees from 6.9 billion rupees.
Loan loss provisions rose 123 percent to 1.1 billion rupees with a specific provision of 940 million rupees.
At stand alone bank level the gross non performing loan ratio (net of interest in suspense)