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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ »  Banking Sector Earnings will further boost the mkt

Banking Sector Earnings will further boost the mkt

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windi5

windi5
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Better Banking Sector Earnings will further boost Mkt?.
Sampath Bank posted good quarter earning, for the quarter ended Jun,2011. Sampath Bank group's net profits in the June 2011 quarter rose 52 percent to 1.13 billion rupees from a year earlier partly helped by a provision reversal amid strong loan growth, provisional accounts showed.The group reported 7.26 rupees of earnings per share for the quarter.
Seylan Bank which reported a 303 million loss for the quarter due to a one-off voluntary retirement charge closed at 62.90 rupees, up 30 cents.

We can expect good quarter results form other banking entities as well such as, NTB,MBSL,PABC,CDB.

windi5

windi5
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Sri Lanka's Pan Asia Bank net profits for the June 2011 quarter rose 152 percent to 210 million rupees driven by strong loan growth including gold backed loans and leases, the bank said.

The bank reported earnings of 71 cents per share for the quarter.

Interest income for the quarter rose 47 percent to 1,038 million rupees and interest expenses rose 59 percent to 521 million rupees and interest income rose at a faster 517 million rupees.

The bank's performing loans rose 115 percent by end June 2011 to 26.6 billion rupees from a year earlier.

Pan Asia Bank said growth came from gold backed loans (pawning), leasing loans to military officers and overdrafts.

Fee income also rose 34 percent to 133 million rupees.

There was a loan loss reversal of 32 million rupees. Non-performing loans were steady at 2.55 billion rupees from 2.48 billion a year earlier.

Pan Asia Bank said its non performing loan ratio fell to 4.52 percent in June 2010 from December 2010 and net NPLs (after provisions) fell to 2.59 percent from 2.74 percent.

Pan Asia Bank had added 10 new branches taking its network to 51.

The banks' gross assets had grown to 40 billion rupees from 23 billion rupees a year earlier. Its deposits had grown to 30.7 billion rupees from 17.8 billion a year earlier.

Net assets grew from 2.5 billion rupees to 3.1 billion from a year earlier.

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