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Bank of Ceylon's fiscal Q2 profit falls YOY on impairment charges

Bank of Ceylon reported a year-over-year decline in consolidated profit attributable to equity holders for the fiscal second quarter ended June 30 to 4.44 billion Sri Lankan rupees from 4.92 billion rupees on the back of impairment charges.

EPS for the quarter dropped to 440.05 rupees from 491.61 rupees.

Net interest income climbed to 15.63 billion rupees from 12.89 billion rupees, while net fee and commission income fell to 1.47 billion rupees from 1.63 billion rupees.

Total operating income rose to 20.02 billion rupees from 17.12 billion rupees, while net operating income declined to 15.58 billion rupees from 17.30 billion rupees. Total operating expenses fell to 7.25 billion rupees from 8.88 billion rupees.

The group posted impairment charges for loans and other losses of 4.45 billion rupees for the quarter, compared to a reversal for loans and other losses of 180.9 million rupees in the prior-year quarter.

For the fiscal first half, the group reported a year-over-year decline in consolidated profit attributable to equity holders to 10.41 billion rupees, or 1,388.11 rupees per share, from 10.75 billion rupees, or 2,150.44 rupees per share.

The group's interest margin for the half clocked in at 3.34%, down from 3.40% at the end of 2016.

The bank's standalone nonperforming advances ratio stood at 3.32% as of June 30, up from 2.88% at Dec. 31, 2016. Its net NPA ratio for the period was 0.73%, up from 0.41% at the end of 2016.

As of June 30, the group's total capital adequacy ratio was 11.95%, down from 12.47% at Dec. 31, 2016. Its core capital adequacy ratio for the period was 8.40%, down from 8.81% at the end of 2016.

As of Aug. 11, US$1 was equivalent to 153.05 Sri Lankan rupees.