Nov 16, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon group’s profit fell 63.3 percent to 256.7 million rupees in the September 2009 quarter from a year earliers, while revenues rose 2.7 percent to 15.86 billion rupees. Interest income grew 4.0 percent to 13.46 billion rupee, interest expenses grew at a faster 10.8 percent to 10.02 billion rupees, shrinking net interest income by 8.5 percent.
Forex income fell 10.4 percent to 253.2 billion rupees and other income was flat at 1.9 billion rupees.
Loan loss provisions rose to 175.8 million rupees from 100.3 million a year earlier.
Group performing loans fell 3.3 percent to 261.1 billion rupees from the beginning of the year and non performing loans rose 29.
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6 percent to 19.2 billion rupees from 14.8 billion rupees.
The bank’s salary bill was up 19.6 percent from a year earlier at 2.2 billion rupees.
Gross assets went up to 543.1 billion rupees from 491.7 billion rupees at the beginning of the year. Bank of Ceylon’s group deposits had rocketed 26.4 percent to 402.1 billion rupees from the beginning of the year amid runs on finance companies earlier in the year.
The bank’s net assets were up 3.3 percent to 25.7 billion rupees.