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Nation Lanka Finance squeaks out a profit in the June quarter, deposits at Rs7.7bn

July 20, 2018 (LBO) - Colombo Stock Exchange listed company Nation Lanka Finance PLC (CSF) has turned a profit in the quarter ended June 30, 2018.  The Central Bank of Sri Lanka (CBSL) registered finance company is the first listed finance company to report earnings for the quarter ended 20 days ago.
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The company reported a profit of Rs19mn for the June 2018 quarter vs. a loss of Rs53mn in the same quarter in 2017. The group maintains a significant balance sheet of Rs9.7bn in assets on a relatively small Rs619mn in equity.  Total deposits from customers are relatively large at Rs7.7bn, up Rs300mn from the prior year quarter. The company has reported all regulatory capital and regulatory liquidity levels above the required minimums, however non performing loans are high at 14%. The share price of the company last traded close to its net asset value of Rs80 cents per share, a much higher valuation that high quality companies in the sector. Registered finance companies in Sri Lanka have had a troubled history with many institutions going bust and deposit holders holding the bag.  As the quarterly listed finance company results are reported, LBO will aim to highlight for the public how these companies are performing, and any red flags that may appear.
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