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Sri Lanka-based People's Bank Q1 profit rises 10.6% YOY

Sri Lanka's People's Bank posted a 10.6% year-over-year increase in net profit for the three months ended March 31.

The bank said May 25 that its first-quarter profit attributable to equity holders rose to 4.07 billion Sri Lankan rupees from 3.68 billion rupees in the year-ago period. EPS rose to 28 rupees from 26 rupees.

Net interest income increased to 14.79 billion rupees from 12.58 billion rupees. The group's interest margin remained flat at 3.9%, compared to the end of December 2016. Net fee and commission income climbed to 1.08 billion rupees from 942.6 million rupees.

Impairment for loans and other losses surged to 1.16 billion rupees from 808.7 million rupees in the prior-year period. Meanwhile, the group's net operating income rose to 17.55 billion rupees from 14.83 billion rupees.

The group's gross nonperforming advances ratio as of March 31 was 1.9%, remaining steady from the prior quarter. Its net nonperforming advances ratio for the period rose to 0.8% from 0.7% as of Dec. 31, 2016.

As of March 31, the group's total capital adequacy ratio was 12.8%, down from 13% at the end of 2016. Its core capital adequacy ratio was 10.9%, down from 11.1% at Dec. 31, 2016.

As of May 25, US$1 was equivalent to 152.87 Sri Lankan rupees.