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May 16, 2012 (LBO) - Sri Lanka's state-run Bank of Ceylon, the country's largest bank said group profits increased 104 percent to 4.4 billion rupees from a year earlier helped by strong foreign exchange earnings.
Return on assets rose to 2.62 percent from 2.0 percent and return on equity rose to 39.05 percent from 30.78 percent.
Group interest income rose 35 percent to 19.6 billion rupees and interest expenses rose 36 percent to 8.6 billion rupees and the bank also grew net interest income 35 percent to 7.8 billion rupees.
The interest margin rose to 3.46 percent in the March quarter from 3.32 percent in the December 2011 quarter.
The bank said fee income rose 121 percent to 5.2 billion rupees with foreign exchange income rising 1,800 percent to 2.9 billion rupees.
Sri Lanka's rupee fell from 110 to 130 levels in the March 2012 quarter following a spike in credit to state enterprises to manipulate energy prices. Bank Ceylon also holds dollar bonds.
The bank is a key lender to the state and state enterprises. Its government securities portfolio rose 50 percent to 193 billion rupees from December to March 2012.
Group performing loans rose 6.6 percent to 592 billion rupees in the March quarter and non-performing loans rose at a faster 14.4 percent to 14.58 billion rupees.
The group provided 49 million rupees for loan losses in the March 2012 quarter compared with a provision reversal of 17.3 million rupees last year.
The gross non performing loan ratio rose to 2.40 percent in March from 2.24 percent in December.
Group gross assets rose 12.4 percent to 962 billion rupees and net assets rose 11.6 percent to 46.8 billion rupees.
Group total capital adequacy fell to 12.2 percent in March from 12.77 percent in December. At Ban level total capital adequacy fell to 11.05 percent from 11.64 percent.
Update II
http://lbo.lk/fullstory.php?nid=1661921229
Return on assets rose to 2.62 percent from 2.0 percent and return on equity rose to 39.05 percent from 30.78 percent.
Group interest income rose 35 percent to 19.6 billion rupees and interest expenses rose 36 percent to 8.6 billion rupees and the bank also grew net interest income 35 percent to 7.8 billion rupees.
The interest margin rose to 3.46 percent in the March quarter from 3.32 percent in the December 2011 quarter.
The bank said fee income rose 121 percent to 5.2 billion rupees with foreign exchange income rising 1,800 percent to 2.9 billion rupees.
Sri Lanka's rupee fell from 110 to 130 levels in the March 2012 quarter following a spike in credit to state enterprises to manipulate energy prices. Bank Ceylon also holds dollar bonds.
The bank is a key lender to the state and state enterprises. Its government securities portfolio rose 50 percent to 193 billion rupees from December to March 2012.
Group performing loans rose 6.6 percent to 592 billion rupees in the March quarter and non-performing loans rose at a faster 14.4 percent to 14.58 billion rupees.
The group provided 49 million rupees for loan losses in the March 2012 quarter compared with a provision reversal of 17.3 million rupees last year.
The gross non performing loan ratio rose to 2.40 percent in March from 2.24 percent in December.
Group gross assets rose 12.4 percent to 962 billion rupees and net assets rose 11.6 percent to 46.8 billion rupees.
Group total capital adequacy fell to 12.2 percent in March from 12.77 percent in December. At Ban level total capital adequacy fell to 11.05 percent from 11.64 percent.
Update II
http://lbo.lk/fullstory.php?nid=1661921229
