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People's Bank reports 18.7% YOY increase in H1 profit

Sri Lanka's People's Bank reported an 18.7% year-over-year increase in net profit for the six months to June 30.

The group's first-half profit attributable to equity holders grew to 9.17 billion Sri Lankan rupees from 7.73 billion rupees in the prior-year period. EPS fell to 37 rupees from 54 rupees, according to the bank's Aug. 28 earnings release.

Net interest income rose to 35.72 billion rupees from 29.82 billion rupees, and net fee and commission income grew to 3.66 billion rupees from 2.28 billion rupees. As of June 30, the group's interest margin was 4.2%, up from 4.1% as of Dec. 31, 2017.

Impairment for loans and other losses surged year over year to 4.79 billion rupees from 2.50 billion rupees.

Net operating income amounted to 39.53 billion rupees, up from 35.46 billion rupees a year earlier.

The gross nonperforming advances ratio was at 2.2%, compared to 2.0% at the end of 2017. The group's net NPA ratio improved to 0.9% at the end of June from 1.0% at the end of December 2017.

At the end of June, the group's total capital adequacy ratio improved to 14.0% from 13.7% as of Dec. 31, 2017. Its Tier 1 and common equity Tier 1 capital ratios stood at 11.0%, compared to 11.5% at the end of 2017.

As of Aug. 28, US$1 was equivalent to 161.25 Sri Lankan rupees.