Sri Lanka Combank Dec net up 46-pct, full year up 31-pct

Feb 24, 2011 (LBO) - Sri Lanka's Commercial Bank said profits in the December 2010 quarter rose 46.8 percent to 1.77 billion rupees while the full year profits net 31 percent to 5.5 billion rupees, helped by stronger credit growth.

The firm is reporting earnings per share of 4.67 rupees for the quarter and 14.52 rupees for the full year.

In the December quarter interest income rose 2.5 percent to 9.1 billion rupees, interest expenses fell at a faster 16 percent to 4.46 billion rupees allowing net interest income to rise 5.0 percent to 1.13 billion rupees.

Group performing loans grew 29.5 percent to 213.2 billion rupees, and non-performing loans fell 17.5 percent to 14.9 billion rupees.

The bank's fee income rose 19 percent to 1.62 billion rupees with forex income steady at 456 million rupees, but unspecified other income rising 28 percent to 1.16 billion rupees.

In the quarter there was a 187.5 million rupee write back of provisions with 340 million rupees of new provisions and recoveries of 432 million rupees.

The non-performing loan ratio has improved to 4.22 percent by end December 2010, from 6.84 percent a year earlier.

Group gross assets rose 14.7 percent to 370.2 billion rupees and net assets rose 16.6 percent to 33.5 billion rupees.

Managing director Amitha Gooneratne said in a statement that the return on average shareholder funds was 17.9 percent for the year. Return on assets was 1.6 percent.

source - www.lbo.lk