April 27, 2012 (LBO) - Sri Lanka's Seylan Bank March 2012 quarter net profit rose 69.3 percent from a year earlier to 644,047 million rupees, helped by less provisioning, accounts showed Friday.
Group income grew 13.7 percent to 4.5 billion rupees for the March quarter over the corresponding period 2011. Net interest income grew at a slower 10.7 percent to 2.0 billion rupees.
Seylan, which is partly state-owned, saw its share price close up 1.00 rupee to 63.00 rupees. The results were released after the market closed for business.
Non-interest income rose 9.4 percent to 2.7 billion rupees.
Profits were helped by provision of securities of 240,029 million rupees that was provided for, in the previous quarter under review.
Pretax profits rose 65.0 percent to 821,556 million rupees, but financial value added tax fell 51.4 percent to 177,509 million rupees and income tax fell 63.1 percent to 226,302 million rupees, helping the bottom line.
Seylan said group performing loans rose 8.4 percent to 105.7 billion rupees in the March quarter. Non-performing loans rose by a slower 7.0 percent to126.8 billion rupees.
Deposits grew 3.4 percent to 125.4 billion rupees.
Sri Lanka's interest rates are rising amid balance of payments pressure and the Central Bank has asked banks to limit rupee funded credit to 18.0 percent in 2012.
Seylan's group gross assets rose 4.4 percent to 174.7 billion rupees.
source - www.lbo.lk
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