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Bank of Ceylon reports 44% YOY jump in Q4'16 profit

Bank of Ceylon reported a 44.1% year-over-year jump in net profit for the quarter ended Dec. 31, 2016, as interest income surged while operating expenses dropped.

The bank said March 29 that profit attributable to equity holders jumped to 7.50 billion Sri Lankan rupees, or 728.60 rupees per share, from 5.21 billion rupees, or 520.68 rupees per share, in the prior-year period.

Net interest income jumped to 16.34 billion rupees from 11.47 billion rupees. As of Dec. 31, 2016, the group's interest margin clocked in at 3.40%, compared to 3.37% as of Dec. 31, 2015.

Impairment for loans and other losses totaled 3.76 billion rupees, compared to a reversal of 2.78 billion rupees in the year-ago quarter.

Net fee and commission income fell to 1.98 billion rupees from 2.20 billion rupees in the quarter ended Dec. 31, 2015. Total operating income increased to 22.37 billion rupees from 17.28 billion rupees, while net operating income declined to 18.61 billion rupees from 20.05 billion rupees.

Total operating expense fell year over year to approximately 8 billion rupees from 9.20 billion rupees.

For the full year, profit attributable to equity holders rose 35.2% to 23.50 billion rupees, or 2,311.67 rupees per share, from 17.38 billion rupees, or 1,737.61 rupees per share, in 2015.

The bank's gross nonperforming advances ratio dropped to 2.88% from 4.30% in the prior-year period, while net NPA ratio plunged to 0.41% from 1.77%.

The group's core capital adequacy ratio stood at 8.81% at the end of 2016, down from 9.36% at the end of 2015. The total capital adequacy ratio also declined to 12.47% from 13.33%.

As of March 29, US$1 was equivalent to 152.14 Sri Lankan rupees.