Bank of Ceylon reported a 5% year-over-year decline in profit for the fourth quarter of 2017 as its income tax expense rose.
The group on Feb. 28 posted 2017 fourth-quarter profit attributable to equity holders of 7.13 billion Sri Lankan rupees, or 473 rupees per share, down from 7.50 billion rupees, or 728.60 rupees per share, in the same period the prior year.
Net interest income dropped to 15.10 billion rupees from 16.34 billion rupees, while net fee and commission income rose to 2.09 billion rupees from 1.98 billion rupees.
Total operating income fell to 19.29 billion rupees from 22.37 billion rupees. Net operating income climbed to 20.19 billion rupees from 18.61 billion rupees.
Operating profit before value added tax and national building tax on financial services rose to 12.71 billion rupees from 10.61 billion rupees, while operating profit after taxes climbed to 10.32 billion rupees from 8.49 billion rupees.
The group posted a reversal for loans and other losses of 904.7 million rupees for the quarter, compared to an impairment charge of 3.76 billion rupees in the prior-year quarter. Income tax expense rose to 3.19 billion rupees from 1.07 billion rupees.
For the 2017 full year, the group posted a 7.2% year-over-year decline in profit attributable to equity holders to 21.81 billion rupees from 23.50 billion rupees. EPS for the full year fell to 1,447.52 rupees from 2,311.67 rupees.
The bank's stand-alone gross nonperforming advances ratio came to 2.85% as of Dec. 31, 2017, down from 2.88% as of Dec. 31, 2016. Its net NPA ratio for the period was 0.34%, down from 0.41% at the end of 2016.
As of Dec. 31, 2017, the group's total capital ratio clocked in at 12.87%, up from 12.47% at Dec. 31, 2016, while its Tier 1 capital ratio rose to 9.33% from 8.81% over the same period. The group's common equity Tier 1 ratio came to 9.33% at the end of 2017.
As of Feb. 28, US$1 was equivalent to 155.05 Sri Lankan rupees.
