9 month profit down 34%
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The price has reflected almost and in my opinion as stated in my thread the reversal could 160-165 or max 150, but it seems 170 is holding very well .
@Redbulls wrote:Nov 08, 2013 (LBO) - Profits at Sri Lanka's Sampath Bank group fell to 859 million rupees in the September 2013 quarter, down 33 percent from a year earlier, on loan loss charges, interim accounts showed.
The group reported earnings of 5.12 rupees per share for the quarter. For the nine months to September the firm reported earnings of 15.30 rupees per share on total profits of 2.5 billion rupees which were down 33 percent.
In the September quarter interest income rose 29 percent to 11.1 billion rupees, interest expense rose at a slower 20 percent to 6.7 billion rupees allowing the bank to grow net interest income 44 percent to 4.4 billion rupees.
Fee and commission income were also up 24 percent to 650 million rupees.
The bank made specific provisions of 150 million rupees and general provisions of 1.1 billion rupees in the quarter for non performing loans.
Sampath has a large exposure to gold-backed loan and has been making provisions.
International gold prices rose sharply amid Federal Reserve money printing over several years, but the bubble collapsed earlier this year.
Sri Lanka's banking sector got exposed to gold loans due to long established banking practices and regulatory gaps related to gold-backed loans.
In the nine months to September the bank reported strong loan growth of 18.2 percent to 212 billion rupees. Deposits grew 13.6 percent to 276 billion rupees.
As you know CTBL and ASIY are also expected to give better results for the quarter ....but the price is not moving... so be patient..... I hope you did not jump into the fast moving train with the money bag
They may hold onto it until the gold price go up and then sell it.@Gaja wrote:@ traderathome,
my concern is that, if they decided to sell the overdue articles then they have to write off the capital loss, at that point what will be the impact?
That Possibility was there, during the period Oct to Dec 2012 they aggressively promoted the pawning, so how much will fall after one year from the balance 40+ Billions?
I have allocated around 40% of my PF on tea brokers and hydro power. Will see?@traderathome wrote:As you know CTBL and ASIY are also expected to give better results for the quarter ....but the price is not moving... so be patient..... I hope you did not jump into the fast moving train with the money bag
If I disclose my current holdings...@seek wrote: have allocated around 40% of my PF on tea brokers and hydro power. Will see?
Since u have no financial entities, would you look into COCR & PLC?
I guess you could make good profit if u r patience...@seek wrote:I have allocated around 40% of my PF on tea brokers and hydro power. Will see?@traderathome wrote:As you know CTBL and ASIY are also expected to give better results for the quarter ....but the price is not moving... so be patient..... I hope you did not jump into the fast moving train with the money bag
Yes that is a big problem....
Also compare the interest income in the P/L and that in the cash-flow statement.... someone is accruing interest without actual cash inflow
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