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Bank of Ceylon Q2 profit up 39.4% YOY on higher net interest income

Bank of Ceylon reported a 39.4% year-over-year increase in profit for the second quarter ended June 30, helped by higher net interest income.

The group's profit attributable to equity holders grew to 2.90 billion Sri Lankan rupees from 2.08 billion rupees in the year-ago period. EPS went up to 115.82 rupees from 103.84 rupees, according to an Aug. 15 earnings report.

Net interest income rose to 20.71 billion rupees from 15.89 billion rupees, while net fee and commission income inched up to 2.31 billion rupees from 2.29 billion rupees.

Total operating income for Q2 came to 24.42 billion rupees, up from 19.93 billion rupees. Net operating income also rose to 17.57 billion rupees from 14.78 billion rupees. Total operating expenses fell to 8.93 billion rupees from 9.20 billion rupees.

The bank booked impairment charges on loans and advances of 6.79 billion rupees, higher than 5.16 billion rupees a year earlier.

The group's interest margin for the quarter came to 3.46%, up from 3.20% at end-2018, while the lender's gross nonperforming advances ratio clocked in at 5.34%, up from 3.62% over the same period. Its net NPA ratio also went up to 2.36% from 1.02%.

At the end of June, the group's total capital ratio stood at 15.28%, up from 14.64% at end-2018, while its Tier 1 and common equity Tier 1 ratio both came in at 10.73%, slightly up from 10.41%.

As of Aug. 15, US$1 was equivalent to 177.18 Sri Lankan rupees.